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What is Bitcoin? The World’s First Cryptocurrency Explained

Discover what Bitcoin is, who invented it, how it works, what Bitcoin’s history is, what the technology behind it is, and why it is in the news and on social media. These questions come to your mind when you hear the word Bitcoin. Here we explain the first cryptocurrency.

What is Bitcoin?

Bitcoin is the first cryptocurrency invented in 2009 by a mysterious individual named Satoshi Nakamoto. When it’s first lunch. Bitcoin is an alternative to traditional currency. It is decentralized, no banks, government, or institutions own it.

It works on POW( Proof of concept ), instead of one central authority. Different networks verify the transaction called mining. Nowadays, Bitcoin is considered a store of value and a medium of exchange.

The History of Bitcoin.

Bitcoin was invented in 2008 but officially launched in 2009 by a mysterious identity named Satoshi Nakamoto.

Why is Bitcoin Important?

Bitcoin is important and has value in place of fiat currency. Bitcoin has high exchange fees because investors keep buying for investment and hold Bitcoin for the long term, and companies and institutions consider Bitcoin as a reserve currency for the store of value. Also, some qualities make crypto important.

Bitcoin Common Myths.

Adoption is surging day by day. There are some myths people think about bitcoin.

Is Bitcoin illegal?

Bitcoin is legal in some countries, El Salvador is the first country to accept Bitcoin as legal tender. There are some limitations and restrictions in some jurisdictions.

Can it be hacked?

Yes, bitcoin got hacked or lost if your private keys or compromised or lost.

Conclusion:

Bitcoin adoption is surging day by day. Individuals and institutions start to consider Bitcoin as a store of value. The new US administration is pro-crypto and wants to make the US a crypto capital. As the adoption and popularity grow day by day. Limited supply causes a large surge in price, making bitcoin the most attractive and profitable investment for long-term investors. Before starting to invest in crypto, do your research. Are you thinking of investing in Bitcoin? Comment below.

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