Wikipedia is a cryptocurrency created in 2009. Markets called bitcoin exchanges to allow people to buy or sell bitcoins using different currencies.
Bitcoin is a new currency created in 2009 by an unknown person using the alias Satoshi Nakamoto. This transaction is with no middlemen - I mean, no bank!
The bitcoin can be used to sell hotels on Expedia, buy furniture on Overstock, and buy Xbox games. But most of the hype is about getting rich by trading it. In 2017, the value of the bitcoin spread into the thousands.
Why Bitcoin?
Bitcoins can be used to buy goods in anonymity. In addition, international payments are easier and cheaper because bitcoins are not linked to any country or are subject to regulation. Small businesses may like them because there are no credit card fees.
Some people buy bitcoins as an investment in the hope that their value will increase.
Buying bitcoins
Many markets are called bitcoin exchanges that allow people to buy or sell bitcoins using different currencies. With Byte Stump and Bit Phoenix, the coin base is an important exchange. But security could be a concern: bitcoins were hacked in 2016 when millions of dollars worth of bitcoins were stolen.
Mining
People use computers to fight my bitcoins to solve complex math puzzles. This is how bitcoins are created. Currently, one winner is awarded 12.5 bitcoins every 10 minutes.
Anonymity of Wikipedia
Although every bitcoin transaction is recorded in a public log, the names of buyers and sellers never appear - only the identity of their wallet. Although this bitcoin keeps consumer transactions private, it allows them to easily buy and sell anything without it.
That is why it has become the currency of choice for people to buy drugs online or engage in other illegal activities.
The future of the bitcoin in question
No one knows what will happen to bitcoin. It is mostly unorganized, but some countries, such as Japan, China, and Australia, have introduced weight regulations. Governments are worried about taxing and losing control of the currency.
