What is Bitcoin?
Bitcoin is a digital currency that you can exchange over a computer or phone anywhere in the world as long as you have an internet connection. This feature it has is regarded as peer-to-peer networking. Bitcoin is written in a vague touring language, which means it can only understand a few sets of instructions like who sends and who receives it thereby, making it a safe medium for transactions.
Buying Bitcoin is simple even for beginners; you can follow these three safe steps.
Step 1: You get a Bitcoin Wallet.
Step 2: Find a Bitcoin address. This is a long stream of numbers and letters that usually start with a ‘1’ or a ‘3.’ Storing your bitcoins on an app can be risky, but having your wallet with a personalized address will give you full control of your Bitcoin and its keys.
Step 3: Buy Bitcoin on an online exchange. This can be a trading platform or a broker.
Who Accepts Bitcoin?
Bitcoin is an asset that everyone wants to get their hands on. As more companies, stores, and even banks are getting on board and accepting digital coins; you can rest assured that you won’t have a problem spending your digital currency anywhere.
Bitcoin ATMs are like everyday ATMs. The only twist is that they only allow transactions involving cryptocurrency; you can either buy cryptocurrencies with your card or cash, and some bi-functional Bitcoin ATMs also have the option of selling your Bitcoin and getting paid.
Bitcoin calculators are used to calculating and converting Bitcoin’s relative price to a particular currency or other digital coins. Several apps exist specifically for this purpose, and some crypto exchanges have this feature built-in.
Bitcoin Halving | Mining
Bitcoin halving is used to determine the amount of Bitcoin in circulation at a particular time. It is a long-term process of reducing the amount of BTC given away to miners. The total amount of Bitcoin that can be mined is 21 million, and halving ensures the rate Bitcoin is released predictable and spans over many years. This makes it reliable, scare, and concurrently increases its value.
Just like how paper money is printed, Bitcoin is mined before it can be released into circulation. The only difference is, regulated bodies like banks are the only ones with authority to print out money. But Bitcoin can be mined by pretty much anyone. It is noteworthy that mining isn’t an easy task as it requires a lot of electricity, time, and mathematical skills.
Bitcoin Price History
In the early days, when Bitcoin was created, it had little to no value. Miners were given almost 50BTC for each math problem they turned in, which was equivalent to about 50 cents. As more people continued mining and after the first halving took place, miners were given 25BTC for each math problem, and the price of BTC rose from $2 to $270 in 2012. The value of Bitcoin kept increasing, and around 2018, the monetary value of BTC saw a huge increment.
Today the price of Bitcoin is well over $30,000.