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Newsletter
2021 3rd Edition (Other Editions)
The Cryptocurrency Trend in 2021:
The meteoric rise of cryptocurrency, like Bitcoin, has been brought into the limelight in the past few years, there is no lack of investors who have thirst for understanding its investing risks and benefits. Here are the definitions and background of Bitcoin:
What is Bitcoin?
- A type of digital currency (AKA cryptocurrency)
- It was invented in 2008 by Satoshi Nakamoto.
- It is kind of a decentralized database (managed by its users but not by a single government or organization entity), for the purpose of recording details
- People could exchange with each other instead of needing an intermediary.
- It is the same as selling or exchanging an item with an individual without the need of someone to help you arrange this exchange.
What is the difference between Bitcoin and regular money (bank notes) that we used in daily life?
- Digital Currency = Something you cannot touch or feel like your traditional bank notes.
- A series of binary numbers (1s and 0s) stored in a ‘digital’ wallet in many computers around the world.
- Both Bitcoin and ‘fiat money’ have no certain underlying value.
- Its value is determined by the trust we have in it and supply and demand.
- Bitcoin is one kind of commodity (like gold or oil) than an actual currency like the bank notes.
Bitcoins are finite in supply with 21 million coins in existence but currently with about 18.5 million Bitcoins in circulation.
How many kinds of Cryptocurrency?
- Bitcoin
- Ethereum
- Litecoin
- Ripple
- Binance coin
Source: https://www.aqumon.com/en/blog/793/what-is-bitcoin-and-should-i-consider-investing-into-it/