Hello guys!

This my first post in this community i just got to know about from a friend
@offia66.
I did want to say a big thank you to all the #steemLinks
executive bkdues and Admins for a work weldeon.

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Wihtout much waste of your time i did like to talk a lottle about BITCOIN
Yes, we have all been hearing about this very great coin wihtou getting to know the meaning, and how it works.
Worry not for i will enlighten us on this very brief articke of mine.

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MEANING OF BITCOIN

Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency - is a type of money that is completely virtual.
It's like an online version of cash. You can use it to buy products and services, but not many shops accept Bitcoin yet and some countries have banned it altogether.

However, some companies are beginning to buy into its growing influence.
In October last year, for example, the online payment service, PayPal, announced that it would be allowing its customers to buy and sell Bitcoin.
The physical Bitcoins you see in photos are a novelty. They would be worthless without the private codes printed inside them.

HOW BITCOIN WORK

Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer.
People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people.
Every single transaction is recorded in a public list called the blockchain.
This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making copies or undo-ing transactions.

HOW DO PEOPLE GET BITCOIN

There are three main ways people get Bitcoins.

• You can buy Bitcoins using 'real' money.
• You can sell things and let people pay you with Bitcoins.
• Or they can be created using a computer.

HOW SAFE IS BITCOIN

Every transaction is recorded publicly so it's very difficult to copy Bitcoins, make fake ones or spend ones you don't own.
It is possible to lose your Bitcoin wallet or delete your Bitcoins and lose them forever. There have also been thefts from websites that let you store your Bitcoins remotely.
The value of Bitcoins has gone up and down over the years since it was created in 2009 and some people don't think it's safe to turn your 'real' money into Bitcoins.

This concern was expressed by the head of The Bank of England, Andrew Bailey, in October 2020.
He said that he was "very nervous" about people using Bitcoin for payments pointing out that investors should realise its price is extremely volatile.
By this, he meant that the value could drop significantly at any moment and investors could lose a lot of money.

Bitcoin is really safe and secure to trade on.

All contents and images used were gotten from this cites.

• https://www.bbc.co.uk/newsround/25622442
• https://www.google.com/amp/s/www.aljazeera.com/amp/economy/2020/11/26/crypto-boom-shaken-as-bitcoin-plunges-along-with-other-coins
  

CC:
@booming02