What are the basics of bitcoin that a newbie should know?

3 answers

• Dec 25, 2021 · 3 years ago
  Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without the need for intermediaries like banks. It operates on a technology called blockchain, which is a public ledger that records all transactions. Bitcoin can be used to buy goods and services, or traded for other currencies on various exchanges. It's important to note that bitcoin's value can be volatile, so it's important to do thorough research and understand the risks before getting involved.
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• Dec 25, 2021 · 3 years ago
  Bitcoin is like digital gold. It's a form of currency that exists only in the digital world. Just like physical gold, bitcoin has a limited supply, which makes it valuable. However, unlike physical gold, bitcoin can be easily transferred and used for online transactions. It's a new and exciting way to store and transfer value, and many people believe it has the potential to revolutionize the financial industry.
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• Dec 25, 2021 · 3 years ago
  As an expert at BYDFi, I can tell you that bitcoin is the most popular and widely recognized cryptocurrency in the world. It was created in 2009 by an anonymous person or group of people using the pseudonym Satoshi Nakamoto. Bitcoin transactions are verified by network nodes through cryptography and recorded on the blockchain. It's a secure and transparent system that allows for fast and low-cost transactions. If you're new to bitcoin, I recommend starting with a small investment and learning about different strategies for buying, selling, and storing your bitcoin securely.
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