What is bitcoin and how much does it cost?

Bitcoin is a currency that is created and held electronically. This is the first cryptocurrency example. Cryptocurrency is a digital currency that uses encryption methods to regulate the formation of currency units and verify the transfer of funds without a central bank.

What is bitcoin?
Bitcoin is decentralized, which means that no authority or institution holds or controls bitcoins. The regular currency is controlled by one governing body, such as the central bank. If a country needs more money, it can print more money, but it depreciates the currency and leads to inflation. Bitcoins can be transmitted electronically and have almost instantly and historically had low fees, although this has recently changed.

According to reports, bitcoin fees for a transaction have soared recently, thanks to a block in the blockchain blockchain chain limiting the number of transactions that can go through at any given time. Continue reading →