3 Bitcoin facts to get started on this cryptocurrency
You’ve heard about it, and you’re probably thinking about getting in on the action, too. But you don’t have the slightest idea what a Bitcoin is. To help you get started, we’ve rounded up three things you need to learn about the digital currency:
1. There’s no central authority.
Bitcoin works on a distributed global network of computers, much like the internet itself. It doesn’t operate on trust like other forms of money or payment. The code is open-sourced so anyone can read what’s going on in the code.
2. There’s limited supply.
There will only ever be 21 million Bitcoins, so over time your Bitcoin won’t be inflated the way many government currencies often are. Bitcoin is more like digital gold. Ka-ching!
3. It’s borderless.
You can send Bitcoin to any other Bitcoin address in the world. It doesn’t matter where you are. You just need an Internet connection and the public key–like an email–of the person you’re sending to. It’s as simple as that.
Disclaimer: Trading bitcoin and other virtual currencies carries a high level of risk, and may not be suitable for everyone. Read the full BSP advisory to understand the risks of buying, holding, or trading cryptocurrencies.