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BITCOIN - Layman Terms

BITCOIN

What is BITCOIN?
How to get BITCOIN?
What are the basic elements of BITCOIN?


Money has had many forms, from the early stages of exchange of goods to metal coins to  paper notes to electronic cards. Now we have come to a new era where raw materials are getting scarce, depleting and polluting the environment to tackle these issues money is now emerging in the form of encrypted electric signals in short we say BITCOINS.

BITCOINS are digital money. Just like your normal money which can be stored in wallet, which can be a desktop, mobile, the web, a hardware or a bank.

 Its is the first of a kind “decentralized digital currency”. Decentralized in the sense it cannot be controlled by a single entity or a group, for instance the bank. Similar to the internet as no one owns the internet and its decentralized.

BITCOINS can be given or taken through exchanges. Bitcoin exchanges sell and buy bitcoins in exchange for money, which can be done by bank transfer or by cash.

The WALLET and The EXCHANGE are the roots of the Bitcoin. Its necessary to have these to store and get or give bitcoins.




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