Bitcoin is a type of digital currency in which a record of transactions is maintained and new units of currency is generated by the computational solutions of mathematical problems and which operates independently of a central bank. In simple terms, it is like the online version of cash and yes you can use it to buy products and services.

This decentralized means of currency was released in January 2009 but created in 2008 by an unknown person or group of people using the name satoshi Nakamoto.

Though many people and mostly the youth are getting involved in it, it is not actually an accepted currency in many countries, but few also accept it. Recently powerful business tycoon Elon musk made it clear by indicating it as a very good means of also making transactions.  But can this raise questions like Is this means of online cash coming to replace a lot of currencies? How does it work? Does it have a negative side? Is it worth you investing in it?

What is Bitcoin? [The Most Comprehensive Step-by-Step Guide] Updated!

Most people have heard of the bitcoin currency and how it generates lots of money and this has really made people very eager to join talk of the exchange rate being a sole provider for getting huge sums of money. According to Forbes advisor buying cryptocurrency is not hard you just need to buy via cryptocurrency exchanges. These exchanges allow you to buy sell and hold cryptocurrency. You need to verify your identity and provide some funding sources such as a bank account or debit card. You can also buy bitcoin at an online broker like Robinhood. Regardless of where you bought it you need a bitcoin wallet in which you store it mostly known as “hot wallet”. In as much as bitcoin is expensive you can purchase fractional bitcoin from vendors. How do you invest they asked? Like stock you can buy and hold bitcoin as an investment, it doesn’t matter how you choose to hold your bitcoin the investment varies. Some buy and hold long term some buy and aim to sell after price rally and others bet on its price decreasing.

How to Buy Bitcoin: A Quick Guide from Binance | Binance Blog

So far there is a clear chance given to new people who want to indulge in bitcoin currencies. But do we think this will replace formal currencies worldwide? Already some countries have started using it in replace of their national currency we can talk of Rwanda el Salvador and central republic Africa and we can proudly say for Rwanda it has made it currencies stronger and second best in Africa. But do you think bitcoin in the next 10 to 20 years it will be a worldly accepted a currency and medium of exchange. What are the benefits that comes with using it as medium of exchange with other currencies we can talk the fact that it comes with accessibility and liquidity, user anonymity and transparency, high return potential so for as it has benefits it also has its bad aspect talk of volatility, irreversibility and limited use. But checking the two the pros outsee the cons so checking within limited time and years and with technology moving at a greater height it will become the next rated currency and countries will be forced to use it as a medium of exchange.

Bitcoin's Potential of Being the New Currency

Even though it comes with its own problems and solution, the question and solution still lies in your hands SHOULD YOU BUY BITCOIN? It might seem a bit sceptical for some time but sure enough, when you get to understand the benefits and how in the new future it will become the new medium of exchange you would, but however, if you still feel you need more convincing due to your experience with most especially fraud and other exchange rate companies you are free to back out. Bitcoin might be the new currency in the new future let’s see how it turns out.

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