8 Wednesday, August 14, 2019 13:15

What is Bitcoin and why is it used?

Bitcoin has been around for ten years (Photo by Chesnot/Getty Images)Bitcoin demands have been rising in Hong Kong over the last week as protests continue.A recent video on social media showed a policeman drawing his gun after being attacked with his own baton, while airports have only just reopened after being shut for a couple of days.

The reason some Hong Kong residents have turned to Bitcoin is because it is less influenced by instability in the economy and it also provides a more anonymous way to hold and exchange currency.Here is everything that you need to know about Bitcoin and how it can be used.What is bitcoin and why is it used?Bitcoin is a cryptocurrency that is used internationally and is stored completely online as a computer file.

It works without a central bank and is usually exchanged from person-to-person when it is sold or exchanged, without anyone working in-between to overlook the transaction.
There are various apps to help track bitcoin value (Photo Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images)Bitcoin was first released in 2009 and its value has fluctuated over the last ten years, reaching its peak in December 2017.

AdvertisementAdvertisementThe cryptocurrency can be used to buy products and services, in in 2018 a company in Northern Ireland started to accept Bitcoin as a way of payment to buy a house.People can track their ownership of Bitcoin by using a cryptocurrency wallet, which is a digital way to exchange payments.

To view this video please enable JavaScript, and consider upgrading to a webbrowser thatsupports HTML5videoIt is easy to track Bitcoin as details are stored in a ledger called blockchain, which is publicly accessible and it includes all confirmed transactions.The value of Bitcoin fluctuates all the time in a similar way to more conventional currencies.

.MORE: Donald Trump is ‘not a fan’ of cryptocurrencies like Bitcoin and Facebook’s LibraMORE: MPs considering whether to investigate Facebook’s cryptocurrency..

News Code: 300586  |  Metro.co.uk
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