Bitcoin is a digital currency or the first cryptocurrency which allows peer to peer transaction without involvement of any country's central bank or government.That is it is a decentralised money.
who invented bitcoin?
The concept of bitcoin was developed by unanimously satoshi nakamoto in 2009 who was believed to be a resident of japan.
Who is satoshi nakamoto?
Satoshi nakamoto is not the real name of the founder of bitcoin.The person or the group of people who invented bitcoin decided to call themselves satoshi nakamoto because they wanted to hide their identity because if the government could have known their identity,then their life would be in danger since bitcoin is a big threat to the government .
How does bitcoin looks like?
For those of you who are wondering the image of bitcoin.let me show you its image so that you can stop wondering about it.Here is the image of bitcoin
Next time when you see an image like this anywhere,then you need to know that what you will have seen is bitcoin
Can someone touch bitcoin?
No,you can not touch bitcoin.Just like i said earlier,bitcoin is a digital money.By it being digital money then you can only see it in terms of digits or value.That is,you can only see it in your account.
Here is a short video about bitcoin.Watch it keenly so that you can get to learn more about bitcoin concept.
What is the value of one bitcoin?
Currently,one bitcoin ranges from $10,000-$20,000.Since it is volatile and still it has not reached its maturity stage,the value will continue increasing.Some analyst have predicted that bitcoin price can go up to $100,000.I urge you to buy bitcoin while it is still at its maturity stage if you want to become future millionaires.If you don't buy it now,then you will regret in the near future when the price will be $100,000.
How do i store my bitcoin ?
Since bitcoin is a digital money and you can only see it in terms of value,you need to have an account where you can be able to store your bitcoin.The account where individual can be able to store their bitcoin is called bitcoin wallet.The best bitcoin wallet where you can store your bitcoin is called coinbase.It is very secured thus nobody can get access to your account.
What did you mean when you say bitcoin wallet ?
Bitcoin wallet is a software that enable individual to store their bitcoin using their private key.
How can i buy bitcoin?
If you want to buy bitcoin using mpesa,you must have an account called localbitcoin where you will be able to purchase your bitcoin using mpesa.
can i transfer my bitcoin from my wallet to another wallet of another user?
Yes,you can.Just like i said earlier,bitcoin allows a peer to peer transaction without involvment of a centralised governmnet.All that you need to have in order to transfer your bitcoin from your account to another users account is what is called public and private key or bitcoin address
What do i mean by private and public key or bitcoin address?
Bitcoin address costitute of private and public key.Private key is the one when you are in your account specifically coinbase,you will be able to generate thus you will be able to know the balance of your bitcoin at your account.Therefore,if you want to transfer your bitcoin from your account,you must withdraw from your private address in your account.When you are performing that function,you will be creating a signature.In your account,you will be requested to enter an address where you want to transfer your bitcoin to.That address is called public address and it is the one that will be displayed on bitcoin blockchain transaction thus everybody else will be able to see the transaction of that public address.When the transaction is validated by the miners surrounding the bitcoin blockchain,then the public address will receive the bitcoin while your private address will be deducted the bitcoin sent thus a signature will be cosidered to have been validated.
Does bitcoin has other units?
Yes bitcoin has got several units with the smallest unit being referred to as satoshi.The units of bitcoin are as follows;
millibitcoin(mbtc)
bits(ubtc)
satoshi
from the units above the bitcoin will be calculated as follows
1bitcoin= 1000mbtc
1bitcoin=1000,000ubtc
1bitcoin=100,000,000 satoshi