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What is Bitcoin?

Bitcoin is a Digital currency created in 2009 by an anonymous person who goes by the name of Satoshi Nakamoto, it is used to make payments of any value without fees. It uses decentralized technology for secure payments and storing money that doesn’t require people’s names or a bank. It is kept running by “miners”, whose powerful computers preform and process transactions, who are rewarded in bitcoins.

What is it used for?

Since Bitcoin is free from government control and the fees banks charge; people have a bit of an interest towards it for its private anonymous transactions. It has a wide range of uses such as funding companies, investing cash and online purchases at select online stores that accept bitcoin. Because of the anonymity currency it is widely used in illegal activities such as drug dealing, cyber-crime and money laundering.

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