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WHAT'S BITCOIN?

Bitcoin is a form of digital currency, created and held electronically.No one controls it.Bitcoins aren't printed, like dollars or euros-they are produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

It's the first example of a growing category of money known as cryptocurrency.




  • Why bother using it?
True to its origins as an open, decentralized currency, bitcoin is meant to be a quicker,cheaper and more reliable form of payment than money tied to individual countries.In addition, it's the only form of money users can theoretically ''mine themselves, if they (and their computers) have the ability.

But even for those who don't  discover using their own high-powered computers,anyone can buy and sell bitcoins, typically through online exchanges like Coinbase and LocalBitcoins.

A 2015 survey showed bitcoin users tend to be overwhelmingly white and male, but of varying incomes.The people with the most bitcoins are more likely to be using it for illegal purposes, the survey suggested.

Each bitcoin has a complicated ID, known as a hexadecimal code, that is many times more difficult to steal than someone's credit-card information.And since there is a finite number to be accounted for, there is less of a chance bitcoin or fractions of a bitcoin will go missing.

But while fraudulent credit-card purchases are reversible, bitcoin transactions are not.


  • So you can't churn out unlimited bitcoins 
That's right.The bitcoin protocol-the rules that make bitcoin work-say that only 21 million bitcoins can ever be created by miners.However, these coins can be divided into smaller parts (the smallest divisible amount is one hundred millionth of a bitcoin and is called 'Satoshi', after the founder of bitcoin).


  • The future of bitcoin
Historically, the currency has been extremely volatile.But go by its recent boom-and  a forecast by Snapchat's first investor, Jeremy liew, that it will hit 500.000 dollars by 2030- and nabbing even a fraction of a bitcoin starts to look a lot more enticing.

Bitcoins users predict 94% of all bitcoins will have been released by 2024.
As the total number creeps towards the 21 million mark, many suspect the profits miners once made creating new blocks will become so low they'll become negligible.But with more bitcoins in circulation, people also expect transaction fees to rise, possibly making up the difference.

-Frédéric Betta-Akwa

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