(CTN News) – Bitcoin is finally gaining mainstream acceptance after years of skepticism.
In addition to accepting bitcoin as payment, Tesla (TSLA ) has purchased $1.5 billion in cryptocurrency .
Crypto payments are being streamlined by payment processors such as PayPal (PYPL), Mastercard (MA), and Visa (V).
A bitcoin fund will be available to Morgan Stanley's wealthy clients, while Goldman Sachs will reportedly soon offer its private wealth management clients the ability to invest in bitcoin.
It's time to start paying attention to bitcoin if you've been ignoring it thinking it might just be a financial fad. What you need to know.
What is bitcoin?
Bitcoin was created in 2009 by an unknown individual under the alias Satoshi Nakamoto. No brokers or intermediaries are involved in the transactions.
Bitcoin is a digital currency that cannot be used physically. Decentralized, which means it isn't controlled by a bank or government. Blockchain, a digital ledger, is the technology behind it.
Where can I buy bitcoin?
People can buy and sell bitcoin using traditional currencies on marketplaces called "bitcoin exchanges." Coinbase, Coinmama, CEX.IO, and Gemini are some of the most popular exchanges.
Where do I keep my bitcoin?
Bitcoin is stored in a digital wallet, either in the cloud or on your computer.
You can think of it as a virtual bank account. Stored bitcoin is not insured by the FDIC, unlike bank accounts.
Is bitcoin safe?
Cryptocurrencies are highly volatile, and therefore risky. Within one week, bitcoin's value rose to $42,000, fell to $30,000, then rose again to $40,000.
A hacked server, a deleted file, or a lost password could lead to the loss of all funds in a digital currency.
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