Elon Musk Announced Tesla to Accept Bitcoin instead of Dogecoin

Elon Musk told his followers on social media that virtual currency, Bitcoin is good. The value of Bitcoin rose significantly as a result of his comments. His comments impacted the rate so much that its worth was £3,600 in March last year and it increased to £27,000 now. As the talk of Bitcoins has gone global the bank of Singapore said that its value can replace gold. However in October the Bank of England head Andrew Bailey said that he was nervous about people using Bitcoins because its value changes drastically.

ABOUT BITCOIN

bitcoin | NNU


Bitcoin is virtual money which we describe as cryptocurrency. Although Bitcoins can be used as real money to buy things it is not yet accepted by many stores and is also banned in some countries. However, into its growing influence, some companies are beginning to buy it. PayPal which is an online payment service has included a feature to buy and sell Bitcoins for its users. Physical Bitcoins are worthless if the private codes are not printed in them.

BITCOINS WORK IN WHICH WAY?


Botcoins are computer files which is stores in smartphone wallets and computers digitally. It can be sent to and fro between the wallets of two people digitally. Every single transaction of Bitcoin bt people are recorded in a public list called the Blockchain. This makes it easy to trace the history of Bitcoins spent, sent or transferred and prohibits copying or making dublicate Bitcoins.

HOW DO PEOPLE GET BITCOINS?


People can get Bitcoins with the help of three main ways.

  1. Bitcoins can be bought by using ‘real’ money.
  2. You can let people pay you with Bitcoins if you sell things.
  3. They are created by using computers.

PROCESS OF MAKING NEW BITCOINS?


Incredibly difficult sums are made to work out by using computers. A Bitcoin is occasionally rewarded for the owner to keep. Powerful computers are set up in order try to get Bitcoins which is called mining. It can take a lot of years to find a single Bitcoin if you started mining now. More money on electricity for your computer could be spent by you than the actual worth of Bitcoin in mining.

WHY ARE BITCOINS VALUABLE?


We consider a lot of other things valuable like diamonds and gold apart from money.
Cocoa beans were used as money by the Aztecs. People are willing to exchange Bitcoins for real goods and services, and even cash because of their great value.

WHY DO PEOPLE WANT BITCOINS?


Bitcoin is not controlled by the government or banks, this fact is liked by some people. Bitcoins can be spent fairly anonymously by people. Nobody would know which ‘account number’ was yours unless you told them although all transactions are recorded. The world’s richest man, Elon Musk, said he was a big supporter of Bitcoin in an online chat with social media users in January 2021. He even changed his Twitter bio to #bitcoin to support it. Due to his own personal wealth and influence, he has caused major movements in their value as he has repeatedly shown his support to online currencies in recent years. The value of Bitcoin rose significantly because of this particular endorsement.

IS IT SECURE?


Its very difficult to copy Bitcoins, make fake ones or spend ones you don’t own because every transaction is recorded publicly. Bitcoin wallet could possibly get lost or Bitcoins could be deleted and can be lost forever. You can store your Bitcoins remotely as a theft from some websites. Some people don’t think it’s safe to turn your ‘real’ money into Bitcoins as the value of Bitcoins has gone up and down over the years since it was created in 2009. In October 2020 this concern was expressed by Andrew Bailey who is the head of The Bank of England. He pointed out that investors should realise its price is extremely volatile and he said that he was “very nervous” about people using Bitcoin for payments. By this, he meant that investors could lose a lot of money as the the value could drop significantly at any moment.

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