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The rise of virtual money - Coggle Diagram
The rise of virtual money
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Virtual currency is a digital representation of value that is issued by a central bank
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Bitcoin isn't controlled by a central bamk or by a government agency. Blockchain network which records every Bitcoin transaction in the world
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Bitcoin is a type of digital money known as a "cryptocurrency".it uses cryptography secure coding to verify ownership of the money
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Bitcoin appearrd in 2008 , in paper by a writer supposedly named Satoshi Nakamoto.
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The first Bitcoins were mined in January 2009; within 200 days, one million coins had been mined. By 2019 this had risen to over 17 million bitcoins
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Bitcoins was known for its link with illegal drugs, such as thosu bought and sold on Silk Road
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Bitcoin divided out to 8 decimal places. The minimum of 0.00000001. Bitcoin called "Satoshi"
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New bitcoin is added only by being "mined".
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Engines can be used to power all types of vehicles: cars, boats and aircraft
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Financial transactions involve exchanve fees, taxes and payment delays to guard against fraud
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Virtual currency make it possible to make digital payment without needing PayPal or card. This is useful Africa, Latin America and South Asia
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Bitcoin supporter jonathan mohan says the majority of the planet donct even own a bank
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The most obvious drawback is lack of stability in the value of the currency.
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Never invest more than you can afford to lose
Fullname : Mahmudova Muqaddas
Group : ENG
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