Bitcoin – What to Know

Price of Bitcoin

Bitcoin is not owned by anybody. Think of this currency like email. Anybody can use this, but there is not one single company who is in charge. The bitcoin transactions are totally irreversible. It means no one, which includes banks, and governments will block you to send and receive the bitcoins with anybody else, and anywhere in this world. With such freedom comes great responsibility to not have central authority for complaining in case something gets wrong. Like the physical cash, do not let the strangers to hold your BTC for you, so do not send them to any untrustworthy people online.

Secure the Wallet

There are many different kinds of the Bitcoin wallets; however, the important distinction is related to who is controlling the private keys needed to spend these bitcoins. There are some Bitcoin “wallets” that act like banks as they’re holding user’s private keys. Suppose you select to use these services, stay aware you are totally at their mercy about the security of bitcoins. Most of the wallets, however, generally allow user to stay in charge of own private keys. It means nobody in the whole world will access the account without taking your permission. It means nobody will help you out in case you forget the password or lose any access to the private keys. Suppose you choose you wish to own many Bitcoin then it will be the good idea that you divide this among many different wallets. Like saying goes, do not put your eggs in just one basket.

Price of Bitcoin

Like everything, BTC price is been determined by laws of the supply & demand. Because supply is restricted to 21 million BTC, as many people make use of Bitcoin there is higher demand, and combined with fixed supply, can force its price to rise up.

October 2020