Why bitcoin?
Bitcoins can be used to buy merchandise anonymously. In addition, international payments are
easy and cheap because bitcoins are not tied to any country or subject to regulation. Small
businesses may like them because there are no credit card fees. Some people just buy bitcoins
as an investment, hoping that they’ll go up in value.
Buying bitcoins
Buy on an Exchange
Many marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using
different currencies. Coinbase is a leading exchange, along with Bitstamp and Bitfinex. But
security can be a concern: bitcoins worth tens of millions of dollars were stolen from Bitfinex
when it was hacked in 2016.
Mining
People compete to “mine” bitcoins using computers to solve complex math puzzles. This
is how bitcoins are created. Currently, a winner is rewarded with 12.5 bitcoins roughly
every 10 minutes.
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