Bitcoin is a currency that exists on the internet.
It utilizes blockchain to maintain security of files. There are no banks that supervise the management and spending of Bitcoins.
Bitcoin is retained in an electronic portfolio, traded, purchased or sold over the internet.
Transactions made using Bitcoins are quick but transaction confirmation is necessary. Transactions are confirmed by “miners” who calculate math problems.
There can only ever be a total of 21 million Bitcoin in circulation.
Bitcoin’s value fluctuates constantly due to the availability of it and how many people want it.
It can be used in making payments on the internet or store as gold value for collectors as first digigal currency in the world.
Although Bitcoin is really common, it does have some risks involved, first of all are phishing attempts so as with any other electronic transaction, make sure your wallet is stored and protected securely. And never share your seed phrase or download suspicious apps that asks you to login with your wallet details! Stay safe 🙂
