What is bitcoin

By QuintoTrader | Crypto Street | 4 Jul 2019


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Bitcoin is a cryptocurrency created on bitcoin blockchain whose transaction takes place from one peer to another without involvement by the government thus is being considered to be decentralized. 

                   When was bitcoin created?

Bitcoin was first released on a cryptography white paper in 2009.                    

    Who created bitcoin?

Bitcoin was created by a group of anonymous people who identified themselves as Satoshi Nakamoto. Up to now, the people behind Bitcoin creation have not released their face to the public.                   

       How is bitcoin created?

Bitcoin is created through mining process through SHA256 algorithm by aid of computer microchips in the presence of the internet.  

How many bitcoin are supposed to be in circulation?

The maximum number of bitcoin to be in circulation should be 21,000,000 bitcoin.       

                 What is the current price of 1 bitcoin?

Currently, 1 bitcoin is worth more than $10,000 and the price is expected to increase over time.           

        Where can i store my bitcoin?

You can store your bitcoin either online or offline. To store online, you need to have an online bitcoin wallet account like coinbase or coinpayment while to store offline which is safer , you need to have downloaded an offline bitcoin wallet hardware.    

    How do i transfer my bitcoin to another user?

If you want to transfer your bitcoin to another user, each one of you must have trust on one another. The user must provide you with an address where they want to receive a certain number of bitcoin. Here is how the address should look like;     the reciever (1).png Now that you know, i think it will be easier for you to send or receive bitcoin

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QuintoTrader
QuintoTrader

Trader, contentpreneur and entrepreneur. Also founder and CEO @ teacher forex school


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