What is Bitcoin?
Bitcoin is a cryptocurrency.
Before you can understand exactly what Bitcoin is, you first need to understand what a cryptocurrency is.
What is a cryptocurrency?
A cryptocurrency is a form of electronic money, otherwise known as a “digital currency”. These digital currencies operate on blockchains or other related technology.
What is blockchain technology?
Blockchain technology is a way of storing data that prevents the data from being altered or deleted. The data is stored by a decentralized network of computers not regulated by banks or governments, or any central group of people.
What are the benefits of cryptocurrencies?
Cryptocurrencies enable users to transact directly with each other, without any involvement of intermediaries.
Additional benefits can include (depending on the particular cryptocurrency):
- Fast transactions
- Ability to transact globally
- Low transaction fees
What makes Bitcoin different from other cryptocurrencies?
Bitcoin is the world's first widely used, fully decentralized cryptocurrency.
Why is the value of Bitcoin so much higher than the value of other cryptocurrencies?
Bitcoin price is based on what people are willing to pay for it and what price people are willing to sell it. The price is driven by supply and demand, similar to other assets like gold. Due to this, the value fluctuates over time.
Should I invest in Bitcoin?
We do not advise anyone to invest in Bitcoin. Investment is a personal decision that you must make yourself, or with the help of a financial advisor who can provide financial advice. We are not financial advisors, and therefore will not advise you to invest in cryptocurrency. That said, we do advise you to download our games and receive some free Bitcoin for playing.