Proud parent moment. My son wrote this article for a school assignment. 🧡 (Any Zaps earned on this post will be sent to his Muun wallet.)
What is Bitcoin?
There are only 21 million bitcoins. Currently, the price of each coin is worth 23K, but the real price is infinite.
Bitcoin is a digital currency, which means that it exists only in digital form. It was created in 2009 by an anonymous person under the name of Satoshi Nakamoto. Bitcoin is not backed by any government or central bank, and its value depends entirely on people’s belief that it has value.
Bitcoin works on a blockchain, which is a public ledger of all transactions that have ever taken place. The blockchain is distributed across many computers so no single party can control or manipulate the system. Each transaction must be verified and approved by the network before it can be added to the ledger.
Bitcoin is a digital currency, which means that it uses no physical money to be transferred. Bitcoin is decentralized, meaning that there is no central authority or bank that controls the money. Instead, all transactions are made through a peer-to-peer network of computers.
Bitcoin is a digital currency that can be used to buy goods and services or held as an investment.
What is bitcoin mining
Bitcoin mining is the process by which new bitcoins are created. Mining requires special computer hardware and software as well as knowledge of technical specifications. Miners compete with each other to solve a puzzle which is 67 digits long in order to verify transactions and earn bitcoins for their efforts. This process also creates new competition among miners.
Mining started out as a way for early adopters to get Bitcoins at no cost but has since evolved into a business with specialized hardware and large-scale operations that consumes lots of energy.
Why is bitcoin better than banks?
The idea behind bitcoin is that it should have no centralized authority like a bank or government controlling its creation or its value. This decentralized nature makes bitcoin appealing to some people who don’t trust banks, governments, etc.
Bitcoin is better than banks because banks can print and make their own money out of thin air. This makes their currency worth less. Bitcoin has a fixed amount and will only get more value over time because it is digitally scarce.
Bitcoin is good for the world because it allows people to save that were never able to save before.
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