Initially regarded as a speculative asset due to its notable price fluctuations, bitcoin increasingly became a store of value as investors and more people realized its potential worth as a new monetary asset.
Is Bitcoin a store of value or a medium of exchange?
Bitcoin is the first cryptocurrency that can be regarded as a good medium of exchange, possessing all the essential criteria that make trade transactions easy, fast and secure.
What are bitcoins stored as?
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Other cryptocurrencies can be stored in some Bitcoin wallets. The device containing your Bitcoin wallet stores the private key, not the coins themselves. Your coins are stored on the Bitcoin blockchain, and your private key is required to authorize transfers of those coins to another person’s wallet.