bitcoin 101 for dummies | BTCC Knowledge

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What is bitcoin for Dummies?

This is our guide to Bitcoin for dummies. Bitcoin is a peer-to-peer digital currency, where transactions are recorded on a distributed ledger. Don’t get scared by all the term because we’ll break it down a step at a time.

What is the official explanation of bitcoin?

“official” explanation of Bitcoin. What is Bitcoin? Bitcoin is a digital currency (cryptocurrency) which is independent of any country or geographical entity & can be used by anyone who is connected to the internet. Like the way you store your money in your wallet or a bank, bitcoins are stored in “Bitcoin wallets”.

What are the different ways to earn and own bitcoin?

The most popular way of amassing the currency is through buying on a Bitcoin exchange, but there are many other ways to earn and own Bitcoin. Speculative investors have been drawn to Bitcoin after its rapid price appreciation in recent years.

What motivates bitcoin miners?

The independent individuals and companies who own the governing computing power and participate in the Bitcoin network, also known as "miners," are motivated by rewards (the release of new bitcoin) and transaction fees paid in bitcoin.

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