What is a Bitcoin?
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or rands – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally. However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
Your bank may charge you a R80 fee for international transfers. Bitcoin doesn’t.
No one. This currency isn’t physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules. Those banks can simply produce more money to cover the national debt, thus devaluing their currency.
Bitcoin has several important features that set it apart from government-backed currencies.
It's decentralized , easy to set up , anonymous , completely transparent , Transaction fees are miniscule , very accesible and fast and non-repudiable
Oh yes Bitcioin was created by a software developer called Satoshi Nakamoto , which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
But why do ahould i use Bitcoin?
Because its fast and cheap to use and also to mention it private meaning central goverment cannot take it away
When your bitcoins are sent, there’s no getting them back, unless the recipient returns them to you. They’re gone forever.
You can send money anywhere and it will arrive minutes later, as soon as the bitcoin network processes the payment.