Bitcoin Is A Type Of It

2046 WordsApr 20, 20169 Pages
With over 41 million Bitcoin accounts being made and used worldwide and over one million dollars being transacted each day, it is surprising that people still believe that Bitcoin won’t amount to anything. Bitcoin is a type of Cryptocurrency. Cryptocurrencies are, as the name suggests, modern, completely digital systems of money that promise to be easier, safer, and overall “better” than other existing international currencies such as the USD and the Euro. Bitcoin is the oldest, largest, most popular, and highest valued Cryptocurrency. As with any successful ideas, there have been many spin-offs of Bitcoin, colloquially categorized as Altcoins, examples including (in order of popularity by market cap) Ripple, Litecoin, BitShares, and Darkcoin, but none of them have gained nearly as many advocates – and just as many critics – as Bitcoin. From this point on, Bitcoin can be assumed synonymous with nearly all Cryptocurrencies as the majority operates nearly identical to Bitcoins. Bitcoins are, at their core, simply a peer-to-peer money transfer system. There are no third-party systems used, money simply transfers from one account, known as a “wallet” with Cryptocurrencies, to another by specifying the Bitcoin Address, or 34 character account number you wish to send any number of Bitcoins to. The beauty of this system is that the Bitcoin Address is something you can post publicly; people can only use that number to send money to you. There is a separate Private Key that you use
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