What is Bitcoin?

Bitcoin is an open-source, secure payments network that enables a person to send money anywhere, immediately, for a nominal fee.

What is Bitcoin backed by?

Like the Internet, no central authority controls Bitcoin, instead, transactions are recorded in a general ledger called a “blockchain,” where transactions are verified and permanently recorded by a worldwide network of independent computers, called miners. To understand more about Bitcoin mining, continue reading here How Does Cryptocurrency Work.

What is Bitcoin worth today?

The value of a Bitcoin is determined by market forces (i.e., supply and demand) and each Bitcoin can be divided into 100,000,000 pieces. Visit our Rates page to view the current USD to BTC exchange rate.

What is Bitcoin used for?

Bitcoin allows the movement of money more efficiently, and gives consumers another option from traditional financial services. Other Bitcoin uses include:

• Remittance: Customers use Bitcoin as a cost-effective method to instantly send funds long distances.
• Savings & Store of Value: Customers use Bitcoin as a way to store value on their own devices and act as their own bank, eliminating fees and overdrafts.
• E-Commerce: Customers use Bitcoin to shop at over 200,000 retailers including, Overstock, Microsoft, Expedia, Virgin Mobile, and Dell.

Want to learn more? DigitalMint recommends these resources:

• https://www.coindesk.com/information
• https://www.lopp.net/bitcoin-information.html
• https://blockgeeks.com/guides/what-is-bitcoin/
• https://www.nerdwallet.com/blog/investing/what-is-bitcoin/
• https://www.investopedia.com/terms/b/bitcoin.asp

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