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Bitcoin Overview

Bitcoin was the very first and now most well-known cryptocurrency available. Here is some basic information about it

Overview3

What is Bitcoin

Bitcoin is a decentralized digital currency that was created by an anonymous person or group of people known as Satoshi Nakamoto in 2008. The original use of Bitcoin was to be a store of value and a medium of exchange while not existing outside of digital format. For Bitcoin to perform these functions it uses a cryptographic technology known as the blockchain. This blockchain works as a decentralized ledger that accounts for all bitcoin transactions. Decentralized meaning that no central authority or bank controls the supply or distribution of Bitcoin itself rather the blockchain is shared amongst a network of nodes or servers internationally. 

  • Bitcoin was the first original cryptocurrency and both itself and the technology it runs on set the standard for other cryptocurrencies and blockchain technology as a whole. 
  • Bitcoin’s value is determined by people’s adoption and use of it as both a store of value and medium of exchange and by a proof of work process known as Bitcoin mining.
  • There will only ever be 21 Million Bitcoin making it a finite resource that combats traditional currency and it’s inherent inflation rates. 
  • Bitcoin is also divisible by 8 decimal places. A fraction of a Bitcoin is known as a Satoshi and this allows for Bitcoin to be widely distributed amongst the public. 
  • Bitcoin can be purchased via a online Cryptocurrency exchange and stored in a Cryptocurrency wallet.

Additional Resources:
Videos & Documents

Below are some videos and downloadable material which provides more detailed explanations of HyperFund .

What is Bitcoin?

Bitcoin Mining

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