What is Bitcoin?
Bitcoin (₿) is a cryptocurrency, a form of electronic cash, released as an open-source software in 2009, Bitcoin is known as the world’s first cryptocurrency. Bitcoin (buy Bitcoin) is decentralised digital currency, and there is no central authority, bank or government control, monitor or regulate it. It is created and held electronically. Bitcoins aren’t printed, like fiat currencies they are produced (Mined) by computers all around the world, using free software. It can be easily transferred from user to user on the peer to peer network without the need for intermediaries. All the transactions are processed over a peer-to-peer network and are verified by network nodes through cryptography. Special users known as miners collect transactions and store them into blocks. These blocks are subsequently stored in a global public ledger of transactions known as blockchain. The public ledger is used as a record keeping system that maintains participants’ identities in secure and anonymous form. The blockchain makes everything transparent since all the transactions are stored in the blockchain and everyone can see them.
Who Created Bitcoin?
Bitcoin was invented by an unknown person or a group of people going by the name Satoshi Nakamoto and released as open-source software in 2009 right after the global financial crisis as a solution to the pitfalls of current financial system that led to a massive global financial crisis.
How Can you Use Bitcoin?
Bitcoins Just like fiat currencies are used as a medium of exchange and they can be exchanged for other currencies, cryptocurrencies, products and services. Bitcoin is a disruptive technology that has a great potential to change the financial industry once and for all and improve the way we transact with one another.
Where To Store Bitcoin?
Bitcoin users can store their bitcoins in a cryptocurrency wallet which technically serves just like a bank account, where users can store, exchange, transfer and pay for goods and services using their wallet.
There are currently about 17 million bitcoins mined and are in circulation. The total supply to ever be created is capped at 21 million bitcoins.
Bitcoin is designed to become a deflationary currency to combat the government’s use of inflation as a hidden taxation tool to re-distribute the wealth in the economy. Bitcoin offers a complete freedom of finance and is accessible to everyone. Many crypto enthusiastic believe Bitcoin is the future of how we transact with one another that no middleman like banks and financial institutions would be able to dictate the rules and the value of people’s earned wealth.