Bitcoin faces the challenge of being understood. Bitcoin is an architecture or distributed database, a network or protocol, and a cryptocurrency. In this blog post, I want to bring your attention to bitcoin the cryptocurrency.
Bitcoin the cryptocurrency is the internet of money. It is the reward mechanism for securing the bitcoin network. Security is at the heart of the blockchain network. The network is secured by bitcoin miners. Anyone with the correct hardware and software can mine for bitcoin. The process of mining helps to make the network more secure.
Bitcoin miners are rewarded with bitcoin. The reward is the incentive for them to mine or secure the network.
Bitcoin the cryptocurrency can be used for purchases where bitcoin is accepted as a payment method. It can also be traded for other cryptocurrencies or fiat currencies.
All images are from Pixabay.
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