Bitcoin is a digital currency that is widely used as a medium of exchange in a peer-to-peer network. The volatile market of bitcoin is the biggest factor that makes it an appreciable investment opportunity. Some people consider bitcoin’s volatile market as an advantage, while some are scared to invest in it. It is crucial for a beginner to understand the volatile market, which can be done by keeping yourself updated with news and the latest trends of bitcoin. You can download the official app of the bitcoin system by visiting Bitcoin Digital Login
In this article, we will gain knowledge about several topics of bitcoin in brief.
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Who introduced bitcoin?
Bitcoin is open-source software that was first introduced by a mysterious programmer named Satoshi Nakamoto. Bitcoin first came into existence in 2009. Originally no one knows the real identity of Satoshi Nakamoto, and there were many rumors about him. There were many people who claimed to be Satoshi but were not able to prove it.
The creator of bitcoin himself claimed that he lives in Japan and is 37years old male. People raised many doubts because the software he made was not labeled in Japanese, and also he spoke perfect English. In 2010, he got disappeared and left the entire bitcoin network in the bitcoin community’s hands. The lead developer of the bitcoin network was Gavin Andresen.
Who handles and controls the bitcoin?
After Satoshi, the bitcoin network developer focused on making the bitcoin network a complete decentralized system. He concentrated on making the network entirely autonomous. This was done because this was the only aim of creating bitcoin, which is to eliminate people’s dependency on financial institutions, corporations, and governments.
This was also one of the biggest reasons why people were so attracted to bitcoin. There was no interference of the government in bitcoin transactions. No transaction fee was imposed, and no one can even track the cash flow of bitcoin users. The most important thing is that the bitcoin network is entirely transparent because it works on blockchain technology.
Blockchain technology is a distributed public ledger that records every single transaction made with bitcoins. Governments or corporations do not control the Bitcoin network, and it is controlled by its users who have full control over their hard-earned money.
Features of Bitcoin
When bitcoin was invented, it wasn’t appreciated because people didn’t trust its software. After a few years, when developers understood the blockchain technology, they understood the whole network. It gained popularity because of some top-notch reasons, which are as follows:
In today’s time, banks are all aware of everything that the customers are doing with their cash, which includes credit history, phone numbers, addresses, spending habits, and more. With bitcoin, the system is completely different as the wallets where bitcoins are stored don’t require customers to share their sensitive personal information.
Most people don’t want government interference in their finances, and with bitcoin, the funds or cash flow can never be tracked by any authority. This is also why bitcoin is highly used in dangerous activities in the drug trade and other illegal activities.
The bitcoin network is completely transparent as each and every transaction of bitcoin is recorded in the blockchain. Even though it is a public ledger in which the transactions are stored, then also no one can trace the bitcoin address or know the real identity of a user. People who wish to be anonymous can stay behind the unknown name or bitcoin address. Users need to choose the right bitcoin wallet to prioritize security and opaqueness.
The main objective behind creating this digital currency was to eradicate the need or involvement of government authorities. The bitcoin network is designed so that it doesn’t require the government’s involvement or any financial institutions. The reason why most people prefer bitcoin over traditional currencies is because of its decentralized nature.
It doesn’t involve government that doesn’t mean that the transactions aren’t recorded; the transactions are recorded in a distributed public ledger that records and secures all the transactions.
Fast and easy international payments
With bitcoin, international payments are now easy and fast as no financial institutions are involved.