Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
There are many benefits to using Bitcoin. Some of the key benefits include: 1. Increased privacy and anonymity - Bitcoin transactions are completed through a peer-to-peer network and are not linked to your personal information. This means that your identity is hidden from the public. 2. No third party interference - Since there is no third party interference, you can complete transactions without having to wait for approval. Transactions are also processed quickly. 3. Low transaction fees - Bitcoin transaction fees are a fraction of the fees charged by traditional financial institutions. 4. global access - Bitcoin is available worldwide and can be used in any country.
Bitcoin Scale Bitcoin's popularity is causing a scaling problem. The number of transactions being processed by the Bitcoin network has increased dramatically, resulting in longer transaction times and higher transaction fees. These problems can be solved by increasing the size of the Bitcoin block chain, but this would require a hard fork and could risk splitting the Bitcoin community. Bitcoin Cash was created to address these scaling issues. It uses a larger block size than Bitcoin, allowing more transactions to be processed at once. This means lower transaction fees and faster transaction times.
It is digital money which allows peer-to-peer exchange via a decentralized protocol,cryptography and a publicly updated ledger called a block-chain.
It is independent of any government,state or
financial institution and can be tranferred globally through a decentralized system of block chain.
Decentralized block chains are immutable-the transactions are permanently recorded and anyone can view them.
Fractional reserve banking is the biggest problem with fiat currencies (paper money).
Fractional reserve banking is the main reason behind the banking collapse.
So bitcoin is the solution if you want your hard
earned money to be secure and make you massive profits.
You have find the right time to buy and likewise
the right time to sell . Timing and patience is very important in the crypto-universe.
The highs and lows tell you a story and you have to be mindful because it is a volatile market.
That being said there is a lot of potential for
growth.
If you want to know everything about bitcoin
and how to use it to make your wealth grow
By Jason W. hall
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