The digital currency called Bitcoin (BTC) is not printed on notes like euros, dollars, and other commonly used currencies in countries. They are rather held electronically. It’s not backed by any organization or anyone. BTC is created as a cryptocurrency and no one can dictate its current price. These coins are produced by the increasing businesses, by the people, and by the computers around the globe that uses a software in solving mathematical problems.
What is Bitcoin?
Printed money is what we call the physical currency. On the other hand, Bitcoin is known as a cryptocurrency. it’s an asset that only exists as a data. Bitcoin is not something that could be deposited directly to local bank accounts, unlike the money that is supported by the government. The value of every Bitcoin is dictated by the market. If the market is high, likewise the value of BTC and vice versa. As of today, the market is high, no wonder why its price is volatile.
When was it founded?
Bitcoin was invented by Satoshi Nakamoto. He published his invention on October 31, 2008. That means that Bitcoin is not extremely an old invention. Nakamoto implemented it as open source code, then released it in January 2009. It is beginning to gain a lot of attention since then. Until today, Bitcoin is one of the most popular cryptocurrencies around the world. No one knows the identity of Nakamoto but some claims that they know it.
What does Bitcoin mean for the economy?
Since there’s a growing number of people who are interested in taking part of trading cryptocurrencies like the BTC, it might mean something to the economy. Some BTC miners think that it would be the future currency and will be used by all. Back in 2010, if one has bought $1,000 worth of BTC, they’d be having $35 million cash right now.
Bitcoin Video Explanation
It is still a big challenge to accept Bitcoin as a method of paying goods just like you can do with physical money. The truth that the economy’s inflation is difficult to tell is enough to predict that the value of BTC will continue to go up and down.
Transactions are done instantly and will arrive at the receiver in just a few minutes as long as the Bitcoin network has successfully verified the transaction.
Easy to set up
Getting your Bitcoin address is easy as click and scan, contradictory to opening bank accounts, there are a few requirements that you have to comply with the proceeding. In opening a Bitcoin wallet, there will be no fees charged and no questions asked. It’s extremely easy to set up.
User is not identified
One can open multiple Bitcoin addresses and these are not linked to any information like names, age, nationality and etc. However, if you have publicized your BTC address in Blockchain, people can trace the number of BTC stored in there, but they won’t know the identity of the BTC holder.