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What is Bitcoin?

Bitcoin was proposed to be a new way of financing but only a few people had faith in it when it first started. The world started noticing it when it was announced that the value skyrocketed, effectively turning its investors into millionaires within months.

These investors saw the potential of Bitcoin and other cryptocurrencies and had faith in their investment. Today, Bitcoin is accepted by many businesses as a means of payment. For example, online casinos like Bitcasino are designed specifically for cryptocurrencies. There are only a few things you need to remember to understand what Bitcoin is and what makes it special. Here are some facts about Bitcoin:

What is Bitcoin and What Makes it Special?

Bitcoin is the name of the currency that is native to a network called a ‘blockchain’. It is digital money that is proposed to make payments more direct, private, and fast. This is done by making it use the blockchain that is decentralized, meaning that no company or government controls the platform.

It is easier to send money directly to another person’s account than it is with the help of banks, especially if that person is in another country. Banks charge an expensive fee for sending money abroad, especially if they have to undergo multiple conversions. This is why shops in Africa with international clients adopted Bitcoin and other cryptocurrencies.

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How is Bitcoin Protected if it Is Digital?

Bitcoin is not a physical object so it can never be nabbed. However, that also makes it unable to be kept by its owner. How Bitcoin is claimed is through data that always update every time it is transferred. The blocks in the blockchain contain a series of data that records who owns which asset that circulates the network. These data can only be changed with the help of e-wallets.

Unlike real money that can be kept in wallets for protection and convenience, e-wallets simply serve to tell you how much money you own and help you transfer or receive it. E-wallets work more like your interface that helps give orders on what to do with your assets.

Wallets also serve as your security measure. Unless somebody gets a hold of your wallet, then there’s no way your money is getting transferred. Meaning, the blocks will always remember you as the owner. Since the wallet is important, many companies try to find ways to improve their security further. The most secure form of e-wallet is hardware wallets, often called ‘cold wallets’.

Why is Bitcoin Always Compared to Other Cryptocurrencies?

Bitcoin is considered the first, and original, cryptocurrency. Every other known currency was developed based on Bitcoin but with ‘improved elements’. Some are faster while others have more uses. The most common problem people see from Bitcoin is scalability. Despite these improvements, Bitcoin is still the top digital asset.

The truth is, Bitcoin’s simplicity makes it more appealing for both newcomers and veterans alike. So many exchange platforms are designed to accept Bitcoin while other assets are afterthoughts. Despite so many assets being made to be ‘better’, the market for the first cryptocurrency is simply too difficult to beat.

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