What is Bitcoin? What is the history behind it?
by MD Tanjib Forex Trading AuthorBitcoin was created by Satoshi Nakamoto, a pseudonymous person or team who outlined the technology in a 2008 white paper. It’s an appealingly simple concept: bitcoin is digital money that allows for secure peer-to-peer transactions on the internet. With BTC, there are multiple cryptocurrencies available such as ether, litecoin, Shiba-Inu, Dogecoin, Tether, Solana & Cardano.
- Unlike services like Venmo and PayPal, which rely on the traditional financial system for permission to transfer money and on existing debit/credit accounts, bitcoin is decentralized: any two people, anywhere in the world, can send bitcoin to each other without the involvement of a bank, government, or other institution.
- Every transaction involving Bitcoin is tracked on the blockchain, which is similar to a bank’s ledger, or log of customers’ funds going in and out of the bank. In simple terms, it’s a record of every transaction ever made using bitcoin.
- Unlike a bank’s ledger, the Bitcoin blockchain is distributed across the entire network. No company, country, or third party is in control of it; and anyone can become part of that network.
- There will only ever be 21 million bitcoin. This is digital money that cannot be inflated or manipulated in any way.
- It isn’t necessary to buy an entire bitcoin: you can buy just a fraction of one if that’s all you want or need.
Sponsor Ads
Created on Jan 20th 2022 11:09. Viewed 245 times.
Comments
No comment, be the first to comment.