What is Bitcoin, how does it work and where can you buy it?

Bitcoin But what exactly is it, how does it work and how can you buy it. In this article, we are going to break down the basics of crypto and bitcoin.

What is Bitcoin?

Bitcoin is what you would call a digital currency that is on the brink of revolutionising the way money is moved across the world. Its a decentralised form of currency that does not really need a bank or government. It uses Blockchain technology and all transactions are recorded on the blockchain.

Benefits:

• No fees
• Fast transactions (cross-border lightning fast)
• Privacy
• Potential hedge against inflation

Negatives of Bitcoin

• Volatile and highly risky
• Lack of regulation (but being improved)
• If you lose your digital keys you lose your wallet

Where to buy it?

Hot and cold wallets. Hot are online through exchanges like Crypto.com and cold are hardware wallets using Trezor.

Conclusion

Some say crypto will transform the whole monetary system and Elon Musk called it energy and you cant control energy form of money.