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What is bitcoin? How do they work

What is bitcoin? How do they work

Introduction

Bitcoin is a cryptocurrency. It is just like any currency. It works the same way as dollar currency, the rant or any other currency. The only difference is that a cryptocurrency is known to be a digital currency. In other words, it is electronic cash. Cryptocurrencies are a decentralized type of currency. That is to say, they do not have a central bank and they cannot be controlled by any government or institutions. It is a type of currency that has started being very popular these days. Today, you can be able to make all your transactions using the digital currency without the help of any intermediary.

Why the bitcoin was introduced to the world

In the years 2007 and 2008, many people were accusing the banks and all the financial institutions of misuse. Clients complain of being dumped, being charged huge amounts of money, and even high rates of rigging the systems. Just as that was happening, the cryptocurrency was introduced. It was a relief for many people especially the traders and the investors as well. Now, anyone can do their transactions globally without worrying about huge fees and huge interest. The time taken to complete the transactions is also minimized. In simple terms, everything has become much simpler through the help of the bitcoin code.

What are the characteristics of the bitcoins?

Bitcoins have unique features and characteristics that are different from the banks and other financial institutions. For example, if you make a transaction, you should never expect that it can be reversed. The transactions made are very fast and you do not have to identify yourself when making the transactions. That is to say, your transactions cannot be tracked back to you if you do not want to.

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