Bitcoin: My View, Myself Wk47

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What do you understand by the word Bitcoin?

Bitcoin is an electronic payment processing system that uses cryptographic graph which makes it available for public use without state or institutional control and it has adopted use of blockchain technology which enables the recording of transaction as open ledgers.

Invoice 2: Using Bitcoin in peer to peer transactions globally, and the ability to transact anonymously without the approval of the contemporary financial institutions, the total supply of Bitcoins is 21 million and due to which the longer it stays in the market, the scarcer it becomes. It is rather flappable, and depends on market conditions, usage, legal actions and macroeconomic factors.

With two paragraphs narrate a non-fictional story about Bitcoin.

Cryptocurrencies are electronic monies and the first among them is Bitcoin which appeared in the year 2009 by a person or a group who goes by the Pseudonym Satoshi Nakamoto and this bewildering financial concept is a decentralized network that since using blockchain technology gathered fans from around the globe offering people freedom and safety.

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As awareness about Bitcoin grew, demand for it soared as well reaching new stratospheric highs and creating a global frenzy of Bitcoin investment ,though battered by cynicism and legal restraints, Bitcoin began to rise as a global phenomenon that threatened to disrupt incumbent banking systems. Its high risk and possible high profitability appealed to the professional business people as well as any average joe, which led to an unprecedented digital gold rush related to the nature of currency and value.

What will you do with this 0.5 Bitcoin if you were rewarded with it?

If I was gifted 0.5 Bitcoin, I would dive into purchasing altcoins because the market is presently bullish and has just started, altcoins have prospects for development and may bring higher profit than even Bitcoin, so expanding the crypto portfolio by investing in several other ‘ promising’ altcoinscould reap big in terms of profits while utilising the current rising market.

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Give us another suitable name for Bitcoin and why you feel this name is the perfect one.

Another suitable name that I can give Bitcoin would be the “Digital Gold.” I think it suits this new type of digital currency because, like gold, Bitcoin is a digital asset that is unregulated, scarce, and immutable.

So now with similar qualities such as: Portionability, divisibility, recognisability, and scarcity, gold and Bitcoin is perceived to be a good hedge against inflation and economic hardship which makes it an essential investment for people to invest in.

Thanks for reading my post I'm inviting @chant, @abdullahw2 and @rad-austine to participate.