Bitcoins what are they used for

As a store of value, Bitcoin has several favorable properties. First of all, it can be owned and easily stored. Unlike gold, Bitcoin can be stored on a USB stick, regardless of the amount you own. Gold takes up physical space, and holding large amounts of it can become noticeable. Bitcoin also has a fixed amount. In total, there will be no more than 21 million Bitcoin available to the world.

Gold, while rare, continues to be mined, and the supply continues to increase. Bitcoin is also hard to imitate. It cannot be counterfeited, although scammers can sell to ignorant buyers. An educated buyer, on the other hand, can much more easily spot fake Bitcoin than fake Gold or counterfeit cash — they can just check the blockchain, which holds a public record of every Bitcoin in circulation.

Finally, Bitcoin is becoming more widely understood — people are curious.

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As the Bitcoin community continues to develop more technology to layer on top of the Bitcoin blockchain, the use cases for the digital currency may increase in the future. For now, it remains a speculative and unscalable asset that is currently held as a store of value.

The Blockchain Scalability Problem & the Race for Visa-Like Transaction Speed

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He said that he was "very nervous" about people using Bitcoin for payments pointing out that investors should realise its price is extremely volatile. By this, he meant that the value could drop significantly at any moment and investors could lose a lot of money. Elon Musk becomes richest person in the world. These comments are now closed. Find out how the rules change in England from today.

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Bitcoin: What is it, where can you use it and is it worth investing?

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Guide: What is Bitcoin and how does it work? Getty Images. What is Bitcoin?

What is bitcoin? - CNNMoney

How does Bitcoin work? A Bitcoin wallet app on a smartphone. How do people get Bitcoins? Denes Farkas. How are new Bitcoins created? People build special computers to generate Bitcoins. Why are Bitcoins valuable? Bitcoins are valuable simply because people believe they are. Why do people want Bitcoins? Is it secure?

But how does bitcoin actually work?

More like this. Elon Musk becomes richest person in the world 10 Jan 10 January Your Comments Join the conversation. To use comments you will need to have JavaScript enabled. PPU 24 Mar. Wait, now you earn money by spending money? Just stick to cash or card, it's not complicated and it's not risky. It's been perfectly fine for the last years. Blackninja25 23 Mar. I think it's a cool idea as it's risky but you could earn money although there's a wird way of getting them. Back to top. Top Stories.

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