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What's the difference between paper money and Bitcoin?
Paper money is affiliated to governments which determine the time to print and circulate it. However, in the case of bitcoin, the miners can utilize particular software that enables them to solve mathematical problems and they are consequently issued with specific sum of bitcoins in circulation.
Why are bitcoins the future of the world?
The Blockchain is really secure and it lets you make sure your money goes to/comes from the right person. People receiving Bitcoins won't have to pay anything for the transactions, and Bitcoins have a lot of support. All of these will definitely help Bitcoin get more users, and if everyone uses Bitcoin it could replace official currencies.
How are bitcoins used to solve mathematical problems?
However, in the case of bitcoin, the miners can utilize particular software that enables them to solve mathematical problems and they are consequently issued with specific sum of bitcoins in circulation. Therefore, bitcoins offers a smart method of providing currency thus creating an incentive for several users to do “mining”.
Last Update: Oct 2021
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