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Is Bitcoin a cryptocurrency? | Fox Business

01 Apr Is Bitcoin a cryptocurrency? | Fox Business

Posted at 01:57h in Cryptocurrency News by

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Bitcoin is a cryptocurrency, or a type of digital currency that can be securely exchanged over internet platforms.

Bitcoin is used by nearly 25 million people worldwide and is largely believed the be the most popular cryptocurrency.

HOW DOES BITCOIN WORK?

The digital currency is worth nearly $6,500 as of March 31, according to Google. It was worth nearly $10,000 in February.

A Bitcoin logo is displayed on an ATM in Hong Kong. (AP Photo/Kin Cheung, File)

Consumers can use Bitcoin to buy goods and services. Alternatively, Bitcoin can be traded for profit.

US GOVERNMENT AUCTIONING 4,000 BITCOIN WORTH $39M RECOVERED FROM CRIMINAL CASES

All transactions and balances are recorded on a digital public ledger called a blockchain. Blockchains act as a list of records that contain data information like timestamps and transaction history.

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