- Bitcoin is a recent phenomenon as a payment system . Bitcoin is a form of digital currency, created and held electronically. no one controls it .Bitcoin are not printed, such as dollars or euros. They are produced by people/business who are running computers all around the world, using software that solves mathematical problems.
- Bitcoin can be used to buy things electronically , in that sense, it's like conventional dollars,euros or yen, which are also traded digitally.
- However, Bitcoin most the different characteristic and the things that makes its different to conventional money is that is decentralised. No single Institutions controls the bitcoin network.
Why it is Soo Risky ?
- The European Banking Authority and other sources have warned that bitcoin users are not Protected by refund rights or charge backs. Despite a Big increase in the number of merchants accepting bitcoin, the cryptocurrency doesn't have much momentum in retail transaction.
- The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement and media.
cryptocurrency
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
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