What is the bitcoin currency ?
It is a cryptocurrency that was invented in the year 2008 by an anonymous person or group known as Satoshi Nakamoto.
Is bitcoin divisible ?
In order to adopt and encourage the practical use and purchase of Bitcoin as an alternative to everyday currencies, the ability to split Bitcoin is critical.. Bitcoin is divided into units as small as 0.00000001 BTC. In the future, Bitcoin can be further divided into 100 billion or more smaller pieces, including The Bitcoin protocol and associated software can be modified to handle smaller units.
Is Bitcoin a Scam or a Profitable Investment ?
There are three primary risks associated with buying bitcoins :
1- Its value may decrease after purchase
- Whether you are buying stocks, bonds, mutual funds, or indexes, or lending money, there is a chance that the value of your investment will go down or the other party will not repay you.
- Bitcoin is a particularly volatile investment, which means that the price may move quickly up or down. If you buy a bitcoin and sell it later when its value is higher, you can make a lot of money.
- Over the course of the calendar year 2020, Bitcoin experienced a depreciation of $3,800, but quickly rebounded to touch the $30,000 barrier, which clearly represents a profitable opportunity for many savvy investors.
- In recent years, many people have made significant investments in Bitcoin but were surprised by the price drop from nearly $20,000 to less than $3,500 within a short period of time. So if you are planning to invest in bitcoin now, keep that in mind.
2- Anyone can access your private key and take your bitcoins
- Technically, you will never physically own bitcoins, they are completely digital. However, the private key is what gives you the ability to access, spend or transfer your bitcoins. And if someone gets hold of your private key, you may not have any way to get your money back.
3- You may lose your private key that allows you to access your bitcoins
- Some people choose to store their private key themselves rather than using an online wallet. You can do this by writing it in your journal or a book, and some prefer to keep it on a storage device. This is a more secure option, however there is still the possibility of losing your private key and losing all your money.
How do you protect your bitcoin from scams ?
The best way to keep your bitcoins away from scams is to store your private key in a completely offline device or app, or in a non-digital form, such as writing it down on a notepad. When your private key is stored somewhere offline, it's called a cold wallet.
How does Bitcoin work ?
Bitcoin works with a system called (peer-to-peer), which enables users to interact directly with each other without the need for an intermediary, meaning that the data that the user receives on his own computer is coming directly from another user of the Bitcoin network and not from a server and this The Bitcoin network gives an advantage that no one can attack the network or try to close it or seize the Bitcoin of any user, and thus the Bitcoin currency is in complete protection against penetration from Internet thieves and identity thieves, as well as protected from all kinds of viruses and hackers on the Internet in the whole world .