Everything you need to know about bitcoin
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Everything you need to know about bitcoin


This week alone, Tesla ()TSLA) Said that it would Will soon accept bitcoin as payment for their vehicles, And revealed that it had bought $ 1.5 billion in cryptocurrency as part of its cash holdings. During this, Uber ()UBER) And Master card ()MA) Also said that they plan to Start accepting bitcoins. And BNY Mellon – the oldest American bank, dating back to Alexander Hamilton’s founding of the Bank of New York in 1784 – announced that it had formed a “digital asset” entity.

So if you are ignoring bitcoin then it may be just a financial fad, now is the time to start paying attention. Here you need to know.

Bitcoin is a cryptocurrency created in 2009 by an unknown person aka Satoshi Nakamoto. The transactions are anonymous and are done without brokers or middlemen.

You cannot physically use bitcoin – it is a digital currency. And it is decentralized, meaning it is not controlled by the bank or the government.

At the moment it can happen Used everywhere Overstock.com To Paypal – And that list is growing rapidly.
A lot of people also see bitcoin as a good investment. And this has certainly come true this week, given that bitcoin was a hit All time high of $ 49,000 This week.

Where can I buy bitcoins?

Bitcoin is 100% digital. A marketplace called “bitcoin exchange” allows people to buy or sell bitcoins using various traditional currencies. Coinbase is a major exchange, along with CEX.IO and Gemini.

Where do I place my bitcoins?

Bitcoin is stored in a digital wallet, either in the cloud or on your computer. It is like having a virtual bank account. But unlike bank accounts, stored bitcoins are not insured by the FDIC.

Wait, what does Elon Musk have to do with this?

Tesla and SpaceX CEO Elon Musk have a history of tweeting support for assets and sending them to raise their value, and the world’s richest man is a huge bitcoin booster.

“I think [bitcoin] Traditional finance is on the verge of gaining widespread acceptance by people, ” Musk said in a recent interview Audio-only Social App Clubhouse.

After a long time he formalized Tesla’s relationship with crypto, corporate announcements began to flow.

Is bitcoin safe?

Cryptocurrency is highly volatile, and therefore very risky. For example, in January the value of bitcoin rose to $ 42,000, fell to $ 30,000, then rose again during the week to $ 40,000 – all.

And the digital currency has some inherent dangers: a hacked server, a deleted file, or a lost password can mean that funds are lost forever.

– CNN’s Paul R. in this report. La Monica, Chris Isidore, Tal Yellin and Hanna Ziadi contributed.

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