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What is Bitcoin?

What is Bitcoin?



What is Bitcoin (BTC)?

In the wake of the Lehman brothers’ collapse in 2008, Bitcoin’s anonymous founder, Satoshi Nakamoto, released a whitepaper putting forth ideas to create an “electronic cash system that is peer-to-peer with no third party.” These ideas birthed Bitcoin — the first globally recognized cryptocurrency that enables you to trade without any intermediary. 

Bitcoin is digital money that is powered by blockchain. Blockchain is essentially a giant, immutable ledger that shows you who owns how much Bitcoin, the same way commercial banks keep track of how much is in everyone’s account per time. But there, the similarities end. Here are some details: 

  • Blockchain not only shows who owns how much Bitcoin, but it also keeps track of who has owned every Bitcoin. These transaction records (think blocks) are added to the existing chain— hence the name. 
  • New blocks are not tacked onto existing ones by a central authority. Instead, many people dedicate their computers to adding new blocks by solving computational puzzles for some reward— a process called mining. Bitcoin mining adds and maintains transaction records across the network.
  • Transaction details in each block are time-stamped and technically impossible to alter, as you would have to control 51% of all Bitcoin mining rigs. 
  • Unlike banks which are centralized and private, blockchain is public and decentralized. You can read all the ledgers at any time, and identities are secured with cryptography.

The result is you can send and receive money to anyone on the globe within minutes. Over the past 12 years, Bitcoin’s value resides in its being an excellent digital store of value and a hedge against inflation. 

What's Bitcoin price?

YouHodler aggregates prices from top centralized exchanges to provide an accurate Bitcoin’s price and chart. 

Where to buy Bitcoin?

The easiest way to buy Bitcoin is to purchase it through a crypto bank like YouHodler.

How to earn interest on Bitcoin?

The best way to earn interest on your Bitcoin is by depositing it in a YouHodler savings account. 

How to take a loan with Bitcoin?

You can take a loan in stablecoins by depositing your Bitcoin as collateral. YouHodler offers the best rates you can get anywhere. 

How to trade Bitcoin?

Leverage market volatility to stack up your crypto bank by trading on YouHodler. 

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