What is Bitcoin？
Bitcoin is the most famous
cryptocurrency. It is a blockchain that allows users to hold
and transact in Bitcoin (BTC). Bitcoin is a decentralised
currency that runs on top of the Bitcoin Blockchain. Users can
exchange the token by agreeing to buy or sell products or
services to each other in the system.
Bitcoin does not rely on third parties to process
transactions. The Bitcoin blockchain uses programming to fully
run all aspects of the system. Miners are part of the system
that require small fees to process each transaction, the
miners are computers that solve math equations to ensure
transactions are completed and legal.
Every time a miner processes a transaction, they receive
payment from the transaction for their services. However, as
the miner is a program, its fees are small, it works 24/7 365
days a year and never gets sick or try to do something
illegal. All of this leads to smaller transaction fees on the
network which is why people are very interested in Bitcoin for
payment and cross border transactions.
Bitcoin is known as digital gold for many reasons:
1. It has a finite number that can never be changed.
2. It does not require middlemen or companies to work leading
to lower fees, higher security and almost immediate settlement
after transactions are made.
3. It gives people complete control over their finances.
People have access to Bitcoin and liquidity at their
fingertips, no limits on spending, limits on cross border
transactions or worry of banking recessions and illegal
activity. Bitcoin was made with the purpose of giving people