Cryptocurrencies, or digital money include Bitcoin , are a big topic of conversation now.
Most of us have heard about Cryptocurrencies . Many people don’t fully understand what Cryptocurrencies is.
It is important to know how cryptocurrencies work and how cryptocurrencies created and used.
So That you can make educated judgements about whether you would ever want to use them.
What Is Bitcoin?
Bitcoin is the most well-known and prominent example of an entirely new form of money called cryptocurrency.
Like all money Cryptocurrencies created from literally nothing, but cryptocurrency not issued by the central bank of any country.
Instead, cryptocurrency is computer–generated in the truest sense of the word, literally from code.
The value of Cryptocurrencies, dictated by code as well, and that code maintain by many thousands
of computers throughout the world.
All linked computers together and working as one unit to create Bitcoin.
One unit of Bitcoin is worth over $50,000 USD,
so it is obvious that many people do believe in this new form of money and are ready to support it.
As we all know, currency only has value because we agree it has value.
If people decided that Bitcoin (or any other currency) was worthless,
it would immediately become worthless, since nobody would accept it in trade for goods or services.
How Cryptocurrencies is Used Today:
Most people don’t have any Bitcoin – or any other cryptocurrency – but for those who do.
there are a few ways in which it can be used.
Before you can spend Cryptocurrencies, you have to find a retailer that accepts it as payment.
that may not be easy, since not all companies do.
Paypal accept Bitcoin, so if you can use Paypal for an online shop then you can pay for your purchases .
Finding ways to spend Cryptocurrencies, may be easier than getting Cryptocurrencies, though.