What is Bitcoin and Cryptocurrency?
Bitcoin is a cryptocurrency amongst others such as Ethereum, Tether and Binance Coin. A cryptocurrency is a virtual currency that is based on a blockchain technology. It’s a currency that only exists in a digital form. Cryptocurrencies are not issued by any bank, institute or central authority. That’s why you can pay and make transfers with cryptos and stay anonymous. There is no interference or manipulation from any government. An easy way to explain Bitcoin is that it’s an electronic money unit.
You can acquire Bitcoin and other cryptocurrencies through digital networks and cryptocurrency exchanges. You can purchase Bitcoin online and pay using any kind of e-wallet, credit card or bank account. When new Bitcoins comes into the circulation it’s called Bitcoin mining. As the value of cryptocurrencies such as Bitcoins has increased a lot during the years they have also become a popular trading instrument.