A Bit Like Coins!

We are all familiar with different types of currencies like the dollar, euro, yen, etc.but how many of us are familiar with cryptocurrency (a digital currency)Bitcoin being the-most prominent cryptocurrency platform world-wide.

π‘©π’Šπ’•π’„π’π’Šπ’:
β‚Ώ
Bitcoin is like a computer file that is stored in a digital wallet.
β‚Ώ There are private codes in each bitcoin.
β‚ΏThey are like stocks, and can go up/down in value.
β‚ΏΒ You can make transactions with bitcoin.
β‚ΏΒ Currently, one bitcoin is valued at about 64,700 SGD and is known as digital gold.

π‘©π’π’π’„π’Œπ’„π’‰π’‚π’Šπ’:
⚈ One more important thing to know is blockchain, which is the database of all bitcoin processing and transactions.
⚈ When you β€œmine” or get bitcoins, transactions happen through blockchain.
⚈ There are around 21 million bitcoins, of which 17 million are already mined.

𝑹𝒆𝒄𝒆𝒏𝒕 π‘΅π’†π’˜π’”:
Many of us are familiar with the Tesla tycoon Elon Musk.Β He believes that bitcoins are a good thing and will go significantly up in value, which is why he recently bought around 1.5 billion dollars worth of bitcoin, causing the value to spike.Β Another one of his rationals for buying this amount of bitcoin is that Tesla’s money should be better diversified.Β 

𝑭𝒖𝒏 𝑭𝒂𝒄𝒕𝒔:
❓ The identity of the creator of bitcoin is shrouded in mystery – a man named Satoshi Nakamoto (pseudonymous name) is said to have created it.Β  Another man named Craig Wright also claims to take credit as its theΒ  creator.
πŸ•The first use of bitcoins was by a man who bought 2 pizzas for 10,000 bitcoins which is now valued at about $663 million SGD!
πŸ”‘ If you lose your Bitcoin address (private key), you lose your unique identification and all the bitcoins in your wallet.

π‘©π’Šπ’ˆ 𝑩 𝒂𝒏𝒅 π’”π’Žπ’‚π’π’ 𝒃:
B
: Bitcoin with a capital β€˜B’ refers to the ledger that stores information regarding the transactions.
b: bitcoin with a small β€˜b’ refers to the cryptocurrency that is used to perform the transactions.Β 

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