Bitcoins have become a very famous and popular form of money over time. However, what exactly is Bitcoin? The next article will talk about the entry and exit of this money that came out of nowhere and spread like a wild fire. What makes it different from normal currencies?
Bitcoin is a digital currency, it is not printed and never will be. They are held electronically and no one has control over them. What they did to people and businesses, creating the earliest form of money known as cryptocurrency. While normal currencies can be found 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 global currency. But its biggest difference from other currencies, is that it is decentralized. This means that no specific company or bank owns it.
Who did this?
Satoshi Nakamoto, a software developer, proposed and created Bitcoin. He sees this as an opportunity to have a new currency on the market free of central authority.
Who prints this?
As already mentioned, the simple answer is no. Bitcoin is not a printed currency, it is a digital one. You can even make transactions online using Bitcoins. So you can’t make unlimited Bitcoins? Not really, Bitcoin is designed not to “mine” 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”, next to its creator.
What is Bitcoin based on?
For general and customary use, Bitcoin is based on gold and silver. However, the reality is that Bitcoin is actually based on pure mathematics. It is also not hidden because it is an open source. So 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 Bitcoins mining software consists of a network, and they work together. The theory is, and it works, that if a network goes down, money will still flow.
2. Easy to set up. You can set up a Bitcoin account in seconds, unlike big banks.
3. It does not identify, at least in part that your Bitcoin addresses are not linked to any kind of 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 because there are no names connected to it.
5. The transaction fees are very small, and compared to the fee of a bank, the unique and small fee of Bitcoin is almost to the left. It’s fast, very fast. Wherever you send money, it usually arrives a few minutes after processing.g. This will not be discarded, meaning that once you send your Bitcoins, they will be gone forever.
Bitcoin has greatly changed the world and how we view 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 unique form of money, and it will not disappear any hour.