Essay on Bitcoin: It is an electronic currency created back in January 2009. It is known to be decentralized electronic cash that does not rely on banks. It is possible to send from one user to another on the bitcoin blockchain network with the necessity for mediators. It is primarily used for sending or receiving cash through the internet even to the strangers.
It has been created by an individual known as Satoshi Nakamoto. Besides, the bitcoins are typically handled without specific rules by the central government, unlike dollars and euros. It is not owned by a country, individual, or group. Therefore, it reduces the chances of corruption and inflation.
You can also find more Essay Writing articles on events, persons, sports, technology and many more.
Long and Short Essays on Bitcoin for Students and Kids in English
We are providing students with essay samples on a long essay of 500 words and a short essay of 150 words on the topic Bitcoin for reference.
Long Essay on Bitcoin 500 Words in English
Long Essay on Bitcoin is usually given to classes 7, 8, 9, and 10.
Bitcoin is continuously increasing in popularity across the world. The crucial difference between actual cash and bitcoin is that it can be utilised without the need for internet access. It is very tough to identify the address of the users until they connect a bitcoin address to their name. The users are not tracked by bitcoin usually, although the addresses where the money is stored are continuously tracked. There are two vital parts of every address, for instance, private and public.
The bitcoin address is built from the public key. It is very similar as compared to an email address, anyone can check-up and provide bitcoins. The private key is known to be identical to that of an email password since it is possible to send bitcoins with the help of remote access only. That’s why it is essential to keep the private key confidential or hidden.
To send bitcoins, it is required to verify to the network that you acquire the private key of that particular address without the private key being revealed. It can be done with a specific mathematics branch referred to as public-key cryptography.
Whereas the identification of the user possessing bitcoins is known as a public key. The public access and the ID number are very alike. For an individual to send you bitcoins, they require your bitcoin address. It is known to be another version of the public key that can be typed and read effortlessly.
Bitcoin is also known to be a new type of cash. It is predicted to grow at a rapid pace over the years, along with its value. It is typically purchased as an investment by numerous industries and people.
Besides, there has been an increase in the value of one bitcoin from $500 to $16,000 within a year. If you do any transaction from bitcoin it is considered to be anonymous, the details of such transactions are never revealed to others. Even the information on the user possessing the money is kept confidential.
There are numerous markets related to cryptocurrency, mostly referred to as “cryptocurrency exchange”. It is primarily used for selling or purchasing bitcoins using various types of currencies. It is also possible to purchase or buy bitcoins using your local currency similar to any stock trade.
The digital address that is assigned to you is the identity that you can further use to purchase, pay, or sell in bitcoin. A few of the most famous cryptocurrency that one can find are Bithumb, Quoine, Coinone, Bittrex, and so on. You can handle the bitcoins in a similar way to that of online banking through online accounts. It is possible to sell and purchase bitcoins using these digital wallets.
However, the security concern of bitcoin is increasing day by day across the world. Since the digital wallets are used to store the bitcoins, it might be targeted by hackers as its value increases.
Currently, several crypto leaders and big organizations have selected to invest in Bitcoins heavily. Although, the individuals mostly use the bitcoin for selling and purchasing services and products while keeping their identity confidential.
Short Essay on Bitcoin 150 Words in English
Short Essay on Bitcoin is usually given to classes 1, 2, 3, 4, 5, and 6.
Nowadays, the usage of bitcoin is increasing across the world. Many individuals use it to receive or send money with the use of the internet. Besides, it also allows exchanging the cash without revealing the original identity connected to it.
Bitcoin is controlled/owned by its users rather than any authority or government. Initially, the new bitcoins require to be mined, and the miners receive some bitcoins in return. It can be further sold off to other individuals.
You can now access more Essay Writing on this topic and many more.
The transactions of bitcoin are always free and private. It can be useful for purchasing anything online or for trading stocks using the bitcoin exchange option. Bitcoin is also not restricted to only currency; it goes far beyond that.
The elegance of cryptocurrency is that if you receive bitcoins from another individual, it is possible to be sure of it similar to that of the physical cash. However, anonymity is guaranteed throughout the entire transaction. Several other online payment methods like e-wallets or online banking do not offer anonymity.
10 Lines on Bitcoin Essay in English
1. This currency is not controlled by one single authority.
2. Bitcoins are of limited numbers; 21,000,000.
3. Bitcoins can be mined.
4. It guarantees that no one is forced to pay.
5. A transaction can’t be reversed.
6. In case you lose the wallets, it means you lost the bitcoins entirely.
7. Anyone can send money without no or minimum fees.
8. There is no fixed or inherent value of bitcoin.
9. Buying things with bitcoin online is entirely possible.
10. There is no approval required while creating a bitcoin address.
FAQ’s on Bitcoin Essay
Question 1.
Is Bitcoin considered to be legal?
Answer:
In several countries, it is considered legal to purchase, sell, and trade bitcoins. However, in many other countries, it has been banned since they see it as a threat to the local currency.
Question 2.
Does it require a bank to obtain an address?
Answer:
No, there is no necessity for a bank. You require to have an address.
Question 3.
Is it required to purchase the Bitcoin entirely?
Answer:
No, you can sell, trade, and purchase only parts of a Bitcoin.
Question 4.
What is the best way to obtain Bitcoin address?
Answer:
The best way to get this address is by creating one on your system with the help of VanityGen or Bitcoin Paper Wallet or related platforms.