What is Bitcoin? What is it for? How to get Bitcoin?

Sajjad Hussain
Oct 11 · 2 min read
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Bitcoin appears more and more in our lives, but many people still don’t know much about Bitcoin. What is Bitcoin and what are its specific uses? How do newbies get Bitcoin? Today, the editor will take everyone to find out.

Bitcoin is a digital currency with a constant total of 21 million, which has the same characteristics as the Internet, such as decentralization, globalization, and anonymity. It means that transferring bitcoins to the other side of the earth is as simple as sending emails, low-cost and unlimited, and bitcoins are therefore used in cross-border trade, payment, remittance and other fields.

The liquidity of Bitcoin determines that Bitcoin can serve as a currency function equivalent to a general equivalent, or as a measure of currency, but this measurement is not a physical measurement like gold, but a digital product .

Bitcoin is mainly used to solve the trust mechanism problem of the financial system, large-scale peer-to-peer transfer problems and storage problems. It is also a relatively easy application in the block-chain, and the effect is not bad. First, with the help of the point-to-point transmission protocol of the block chain, the problem of centralized congestion and transfer rate is solved, and the problem of trust is solved through the distributed ledger on the block chain.

Then there is a limited total amount, which solves the problem of asset hedging and so on. Recently, traditional financial institutions such as Wall Street and multinational central banks have begun to study the Bitcoin block-chain technology, and the world-class digital currency transaction is recognized. The Japanese government officially recognizes Bitcoin as a legal payment method, and more and more Japanese businesses accept Bitcoin as payment.

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