Bitcoin mining is dominated by pools because they combine the computational power of multiple miners to increase the chances of solving the complex mathematical problems required to add a new block to the blockchain. Individual miners find it increasingly difficult to compete due to the high computational and energy requirements. Pools distribute rewards among participants, making it a more efficient and profitable method for most miners.
Bitcoin can be integrated into traditional financial systems through partnerships with banks and payment processors, allowing seamless transactions between fiat currencies and Bitcoin.
For estate planning, Bitcoin can be included in a will or trust, with clear instructions on how to access and transfer the digital assets. Financial advisors and legal experts can help in structuring these plans to ensure compliance with existing laws and regulations.
No, Bitcoin does not have government-backed guarantees. Unlike fiat currencies, which are supported by governments and central banks, Bitcoin operates on a decentralized network without any official backing. This lack of guarantees makes Bitcoin highly volatile but also resistant to government interference.
