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For grade 10 students, what is Bitcoin?

Every one knows Bitcoin is a digital currency, is it enough to know? This blog will explain Bitcoin in such a way that grade 10 student can know what is actual Bitcoin. Money transfer has become easier than you can even imagine, all you have to believe in it.

First of all forget about merchants, agents. physical office, customer service number, calls, branches, complaint center or head office. It has simply NO EMPLOYEE.

How to use it?

You will have to log in to the website and make an account or install an app from play store and sign in. Let’s assume you have an account and one of your friend in states have an account of Bitcoin.

You owe him, for example, $200 Let’s assume 1 Bitcoin value= $100 so you owe him 2 Bitcoins. You have in total 10 Bitcoins in your account. Let’s assume he has 20 Bitcoins in his account. He will transfer 2 Bitcoins from his wallet to yours worth $200.

bitcoin.jpg

Feature:

NO transaction fees — No identity disclosed — transaction within a fraction of second — No merchant involved – immense convenience you have never imagined 

The point here usually comes to mind who is monitoring? Yes, there are people around in the different parts of the world observing your transactions without knowing your identity and they get paid for that which is also known as ‘Mining’ as simple as it could be.

There are some financial heads who think Bitcoins is just a bubble which will burst at some time, You cant help them as they have their own thought but on ground, in current time the value of Bitcoin in the United Kingdom is £13000 and in the US $ 17950 and there are around worth of 139 billion of Bitcoin 

Current value 2017

1 Bitcoin = £13000 UK

1 Bitcoin = $17950 USA

 

 

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