The current high value of Bitcoin is a function of both the relative scarcity of Bitcoins themselves and its popularity as a means of investment and wealth generation. (1) Medium of exchange (2) Measure of Value.
Once you've installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. Bitcoin (₿) is a cryptocurrency.It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.. #S1: As a store of value Money= medium of exchange, measure of value, durable, takes little space, most liquid among all assets, readily accepted=> hence money is … The first one is a software wallet or otherwise known as a desktop wallet. The Economic Functions of Bitcoin The economic functions of the bitcoin network causes it to behave like a central bank. What is a Bitcoin Wallet and Types of Wallets, There are several types of wallet.
You can disclose your addresses to your friends so that they can pay you or vice versa. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.