Bitcoins have become a very well known and popular form of money over time. However, what exactly is Bitcoin? The following article will move on and on with this currency that came up from nowhere and spread like a wildfire. What makes it different from normal money?
Bitcoin is a digital currency, it is not printed and cannot be made. It is held electronically and no one has control over it. What they did to people and businesses, created the earliest form of money known as cryptocurrency. While normal currencies are seen in the real world, Bitcoin runs on billions of computers around the world. From Bitcoin in the United States to Bitcoin in India, it has become a worldwide currency. Although it differs the most from other currencies, it is decentralized. This means that no specific company or bank owns it.
Who created it?
Satoshi Nakamoto, a software developer, proposed and created Bitcoin. He saw it as an opportunity to have a new currency in the market free from central authority.
Who published it?
As already mentioned, the simple answer is no man. Bitcoin is not a printed currency, it is a digital one. You can also make online transactions using Bitcoins. So you can’t stop unlimited Bitcoins? Not really, Bitcoin is designed to never “own” more than 21 million Bitcoins in the world at one time. Even if they can be broken down in a small amount. One hundred million in a Bitcoin is called “Satoshi”, after its maker.
What is Bitcoin based on?
For most forms and custom uses, Bitcoin is based on gold and silver. However, the reality is that Bitcoin is actually based on pure mathematics. It is also not hidden as it is an open source. Anyone can look at it to see if it runs the way they claim.
What are the characteristics of Bitcoin?
1. As mentioned earlier, it is decentralized. It is not owned by any specific company or bank. Every software that mines Bitcoins is a network, and they work together. The theory is, and it works, that if a network goes down, the money will still flow.
2. It is easy to set up. You can set up a Bitcoin account in seconds, no different from big banks.
3. This does not indicate, at least in part that your Bitcoin addresses are not linked to any separate personal information.
4. It is completely transparent, all transactions using Bitcoins are displayed on a large chart, known as blockchain, but no one knows you are it since there are no names connected here.
5. The transaction fee is very small, and compared to the bank fee, Bitcoin’s unique and low transaction fee is almost to the left. Fast, very fast. Wherever you also send money, it usually arrives a few minutes after processing.g. This is not ruled out, meaning once you send your Bitcoins, they are gone forever.
Bitcoin is greatly changing the world and how we find money. Many people are left wondering if it is possible to survive on Bitcoins. Some even tried to do it. However, Bitcoin is a part of our economy today, a different kind of currency, and it won’t disappear any hour soon.