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An introduction to Bitcoin and cryptocurrency

An introduction to Bitcoin and cryptocurrency

Bitcoin, or cryptocurrency, is a digital currency introduced to the world in 2009 by a developer named  Satoshi Nakamoto. It operates digitally without the influence of any third party and is considered the safest transaction method for businesses. People can trade bitcoin conveniently through software specially designed for its trading. 

As stated by Research Prospectthe value of bitcoin has doubled since its inception. Similar to gold, it is a great way to keep your assets secure. Moreover, it is the most accessible currency, as anyone can buy or sell Bitcoin with a secure internet connection. ‘Satoshi’ is the smallest denomination of Bitcoin, named after its creator. 

How do Bitcoin transactions work?

This Bitcoin transaction is commonly known as the blockchain. There is a nominal fee from Bitcoin whenever any person buys or sells any amount of bitcoin. There are three main kinds of transaction fees in cryptocurrency: 

  • Wallet Fee

  • Exchange Fee

  • Network Fee 

The wallet fee is deducted whenever a person sends money from his wallet to another. The exchange fee is the one which is deducted after the completion of any order of transaction. The network fee is paid to the minors who provide these services to you. 

Coding plays a vital role in storing and transferring cryptocurrency to other users. This fee is Bitcoin’s primary revenue source, just like any other business. 

Are Bitcoin transactions secure?

Bitcoin uses hash algorithms to transfer any amount by providing a unique code that is hard to hack. It is the most secure method for currency exchange until now. However, many cyber-attacks have been made to disrupt the security wall of cryptocurrency. 

All the bitcoin transactions are saved in the network. It is advisable that you use different wallets for various types of transactions to keep a proper record. By doing so, others cannot access your other codes stored in the application. 

Always research the software or service you plan on using either for bitcoin mining or savings. 

How accessible is Bitcoin?

Cryptocurrency is expanding globally. Everyone has the accessibility to bitcoin. Bitcoin is considered the most accessible currency globally as anyone with an astable internet connection and a cellular device can access it without discrimination of race, region, or gender. 

Cryptocurrency is redefining the…

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