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Cryptocurrency for Beginners

IS Bitcoin actually a COIN?

1 min read
Many beginners believe that the coins of Bitcoin that they see on stock photos are what Bitcoins actually look like.Any physical coin versions of Bitcoin which you see online are just props for photoshoots.

IS Bitcoin actually a COIN?

 

Bitcoin is a digital currency and does not exist in physical coins and bills, like traditional money

Bitcoins are created and live entirely online with an innovative technology called blockchain.

The Bitcoin Blockchain ensures the trust when transferring value, which why physical coins are not needed.

Many make the mistake of thinking that that Bitcoin is actually a coin because

 

Any physical coin versions of Bitcoin which you see online are just props for photoshoots.

IS Bitcoin actually a COIN?

If you are used to using online banking, then you will only see numbers in your online bank account.

A “REAL” Bitcoin coin actually just looks like a set of numbers in your numbers in your wallet and on the Blockchain.

So, what does a Bitcoin Actually LOOK LIKE?

A Bitcoin looks a like a loooongg transaction number.

 

What does a Bitcoin look like
What Bitcoins REALLY looks like

Image Source: Blockstream.info

Why is Bitcoin not being an actual coin a good thing

The problem is that for over decades governments have just been printing out money out of thin air.

So in fact, the paper $100 in your wallet is losing value every year because the things that you can buy with it are decreasing.

The more governments print money the more money loses value.

Paper money and physical coins are useless on the internet

With the entire world going online and DIGITAL , this new world needs a solution.

With online stores and most businesses accepting digital payments.

Paper bills and physical coins are being phased out.

Instead of printing governments can copy paste money.

 

To Conclude

A $100 bill won’t have the same value in 10 years

With Bitcoin’s technology,  which works like an excel spreadsheet, only a limited number of 21 million Bitcoins can be created and no one can create more.

This allows Bitcoin to gain value as more people use it.

 

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