What is bitcoin?
Bitcoin is a virtual currency; you can make transactions by check, wiring or cash. Bitcoin is a digital currency that was founded in 2009 during the financial crisis.
How does it work?
Different from other currencies or centralized currency, Bitcoin is a decentralized currency. There is no centralized bank or another sort of central authority that controls Bitcoins.
Bitcoin is regulated by a network of users who monitor and verify the monetary transactions.
Where can I buy it or how do I sell it?
There are several cryptocurrency exchanges where you can buy Bitcoins, Ethereum, and Lite Coin.
The most convenient way to buy Bitcoin is online wallets, wallets are the third party, and they are reasonably secure just not as 100% like any other system connected to the internet. Places to buy bitcoin in exchange for other currencies.
Advantages of Bitcoin
One huge advantage associated with Bitcoin is the fact that it is not centralized and not based on a native currency. Currently, your money is controlled by the country you live in.
Disadvantages of Bitcoin
Bitcoin, versus other currencies, is that Bitcoin is worth only what people are willing to pay for it. Another problem is exposure to scams and fraud.
Bitcoin has massive hack attacks due to the lack of a central regulator and because of high price volatility. These are some of the disadvantages of bitcoin.
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