What is bitcoin
Bitcoin, described as an electronic digital currency, is a new currency created in 2009 by an unknown person under the pseudonym Satoshi Nakamoto. Bitcoin is used to buy products and get various services, such as buying furniture from a store or booking a hotel from travel companies, etc.
How to get bitcoin
Bitcoin is a currency of value; They are used to exchange goods, services, and even money and can be obtained in three main ways:
- Buy bitcoin for money.
- Selling for Bitcoin.
- Get it by creating it with your computer.
- Benefits of using Bitcoin
There are several reasons to use Bitcoin, including:
- A decentralized currency that returns power to the people rather than governments and politicians.
- Freedom gives owners the ability to pay any fees at any time and carry millions or billions of dollars of bitcoin across borders, in addition to having to wait for bank delays and face all kinds of problems.
- Security, so that bitcoins are not linked to the owner's personal information, and bitcoins can be backed up and encrypted to keep funds safe.
- Low transaction fees.
- Cons of Bitcoin
Although Bitcoin has many advantages, it also has some negative effects, including:
- There are fears that Bitcoin could be affected by government actions because it is a currency that is not backed by official regulators.
- Decreased liquidity value of bitcoin.
- The volatility and instability of the value of Bitcoin, as the future price of the currency, is largely unknown.
- Companies are afraid of adopting Bitcoin as a payment method due to price volatility.