Bitcoin has become a very familiar and popular form of currency over time. Although, what is Bitcoin actually? The following article will go on the inside and outside of this coin which pops up from somewhere and spreads like wildfire. What makes it different from ordinary currency?
Bitcoin is a digital currency, it is not printed and never will be. These are captured electronically and no one has control. These are produced by people and businesses, creating the first form of money known as cryptocurrency. Although common currency is seen in the real world, Bitcoin runs through billions of computers around the world. From Bitcoin in the United States to Bitcoin in India, it has become a global currency. But the biggest difference from other currencies is that it is decentralized. This does not mean owning a specific company or bank.
Who made it?
Satoshi Nakamoto, a software developer, proposed and created Bitcoin. He saw it as an opportunity to get a new currency in a market free from central authority.
Who prints it?
As mentioned earlier, the simple answer is no. Bitcoin is not a printed currency, it is a digital currency. You can even trade online using Bitcoin. So you can’t churn unlimited bitcoin? Absolutely not, Bitcoin is designed in such a way that more than 21 million bitcoins in the world at a time are never “mine”. Although they can be divided into smaller amounts. One hundred million shares of Bitcoin are called “Satoshi” after the name of its creator.
What is Bitcoin based on?
In most cases and for conventional use, Bitcoin is based on gold and silver. However, the fact is that Bitcoin is actually based on pure mathematics. It has nothing to hide as it is an open source. So anyone can see if it is going according to their demands.
What are the features of Bitcoin?
1. As mentioned earlier, it is decentralized. It is not owned by any particular company or bank. Every bitcoin digger software builds a network and they work together. The theory was, and it worked, that if a network went down, the money would still flow.
2. It’s easy to set up. You can set up a Bitcoin account in seconds, unlike the big banks.
3. This is anonymous, at least the part where your bitcoin addresses are not linked to any kind of personal information.
4. It’s completely transparent, all transactions using Bitcoin are shown on a large chart, known as a blockchain, but no one knows if it’s because you don’t have a name attached to it.
5. Transaction fees are very low, and compared to a bank’s fees, rare and small fee bitcoin charges are nothing. It’s fast, very fast. Wherever you send money, it will usually arrive within minutes of processing. This is undeniable, meaning that once you send your bitcoins, they will be gone forever.
Bitcoin has changed the world dramatically and that’s how we see money. Many are wondering if it is possible to survive with Bitcoin. Some have even tried to do so. Nevertheless, Bitcoin is now a part of our economy, a unique kind of currency, and it will not go away any time soon.