Basics of Cryptocurrency (Bitcoin) in 5 Minutes
The properties of cryptocurrency include the following:
1) Once a transaction is completed, there is no way to reverse it.
2) You can’t track who the real-life person is.
3) It is fast and transactions are confirmed within minutes.
4) They are locked in that only the owners of the private keys can transact the crypocurrency.
5) It’s not regulated by entity and anyone can send/receive crypocurrency.
Each time there is a transaction with a crytocurrency, the transaction is recorded in a network. Instead of having a third party institution verify the transaction, there are people like you and me who are called miners. Miners verify the transactions and stamp them as legit and then the information gets disseminated through the network. Each confirmed transaction is then added as a node to a database forming the “blockchain”. This creates a unique blockchain, which is set in stone and can not be manipulated.
Where can you buy Bitcoin?
If you feel the urge to want to speculate or diversify your investments, you can purchase Bitcoin via Coinbase. Personally, I would not put in more than 2% of your portfolio.
Should you invest in Bitcoin? Here is what some billionaires had to say about it.
Source: http://www.stockkevin.com/2017/12/basics-of-cryptocurrency-bitcoin-in-5.html
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