October 19, 2021

Hint&think

By Usman Mahmood

Bitcoin Price

Here we are going to make a review on the price of bitcoin. Also we discuss here, what is bitcoin and its value.This is also for the people who did not know the value of bitcoin.

What is bitcoin?

                              Here, I am going to talk about Bitcoin. It is better for you to know that bitcoin is the most searched word on google every year. Have you ever thinks that, why it is? Let us understand what bitcoin actually is in simple words.

Let see by example: All over the world you get money only then when you add value to work and then in return of your work you get money. All over the world  you only get money when you work or when you add money in return of it. Actually value is equal to money. With the passage of time we see different methods to represent money. Bitcoin is actually a currency and it is an advanced form to represent and save money. Infact there are also many cryptocurrencies in the market but here we talk about bitcoin.

Bitcoin is a cryptocurrency, avirtual currency, or a digital currency is a type of money that is completely virtual. It is like an online version of cash. People can send bitcoins to you digital wallet , and you can send bitcoins to other peolple.

Now, we will discuss about the price and value of bitcoin in the market. Bitcoin launched on 3 Jan 2009 by an anonymous computer programmer. Each bitcoin is made up of 100,000,000 satoshis( the smallest unit of bitcoin) making individual bitcoin divisible upto 8 decimal places. This allows people to purchase fractions of a bitcoin with as little as one US dollar. Bitcoins and other currencies are like the email of financial world. This currency does not have any physical form value is transacted directly between the sender and the reciewer. It  does not exist in the physical form. Bitcoin has a fixed supply of 21 million bitcoin. No more bitcoin can be created and units of bitcoin cannot be destroyed.

Bitcoin users send and receive coins over the betwork by inputting the public key information attached to each persons digital wallet. In order to incentivize the disturbed network of people verifiymg bitcoin transactions, afree is attached to each transaction. The fee is awarded to whichever miner adds the transaction to a new block. Fees work on a first price auction system, where the higher the fee attached to the transaction, the more likely a miner will process that transaction first.

In this way bitcoin works and in the upcoming time the value of bitcoin increases rapidly in respect of other cruptocurrencies in the market. As we discussed earlier that with the passage of time the ways to present money changes. Bitcoin is the advanced form to represent the value of money and day by day its value increases in the market. I hope you are clear about the value of bitcoin and hopefully I can saod that you get it.

You may have missed

2 min read
3 min read
3 min read