What is Bitcoin? The Mystery of Cryptocurrency

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So, you are interested to know about “Bitcoin?
Okay, in this video we are going to talk about: -
What is Bitcoin? How does it work?
How do people get Bitcoins?
Why is Bitcoin valuable?
Is Bitcoin secure?

Let’s jump in…
Bitcoin, often known as a cryptocurrency, virtual currency, or digital currency, is a purely virtual form of money.
It's similar to an electronic form of currency.
You can use it to buy goods and services, but few stores accept it.
Virtual currencies are housed in digital wallets, which are comparable to real wallets in that they may be accessed by client software or a variety of internet and hardware solutions.
Bitcoins are now split into seven decimal places: a milli is a thousandth of a bitcoin, and a satoshi is a hundred millionth of a bitcoin.
In reality, there is no such thing as a bitcoin or a wallet; rather, the network agrees on who owns a currency.
When making a transaction, a private key is used to prove ownership of money to the network.

How does Bitcoin work?

Each Bitcoin is essentially a computer file that is saved on a smartphone or computer in a "digital wallet" program.
Bitcoins can be sent to your digital wallet, and you can send Bitcoins to others.
Every transaction is recorded in the blockchain, which is a public ledger.
This allows individuals to follow the history of Bitcoins, preventing them from spending coins they don't own, copying transactions, or undoing them.

How do people get Bitcoins?
There are three basic methods for obtaining Bitcoins.
Bitcoins may be purchased with ‘real' money.
You may sell items and accept Bitcoins as payment.
They can also be made on a computer.

Why are Bitcoins valuable?
Gold and diamonds are two examples of non-monetary items that humans deem valued. Cocoa beans were utilized as currency by the Aztecs!
People are eager to trade bitcoins for actual products and services, as well as cash, making them valuable.

Why are people so interested in Bitcoins?
Bitcoin is popular among certain people because it is not controlled by the government or banks.
Bitcoins may also be spent in a somewhat anonymous manner. Even though all transactions are recorded, no one would know which 'account number' belonged to you unless you told them.

Is it secure?
Because every transaction is public, copying Bitcoins, making counterfeit ones, or spending ones you don't own is extremely tough.
Since its inception in 2009, the value of Bitcoins has fluctuated, and some people believe that changing your real money into Bitcoins is risky.

Thanks for watching & see you in the next one.

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