Bitcoins became a very well-known and popular type of currency with time. Though, just what’s Bitcoin? The next article will cover the in’s and out’s of the currency that popped up from no where and then spread like a wildfire. What makes it different from normal currency? Bitcoin is an electronic money, it isn’t printed and never will be. They’re held electronically and no one has control over it either. Their produced by individuals and companies, producing the first ever form of money called cryptocurrency. While normal currency are seen in real life, Bitcoin runs through countless computers all over the world.
From Bitcoin in the US to Bitcoin in India, it became a global currency. Nevertheless, the biggest distinction it’s from other currency, is that it’s decentralized. Which implies that no particular business or bank owns it. Who created it? Satoshi Nakamoto, a software programmer, suggested and created Bitcoin. He saw it as a possibility to have a brand new currency available on the market free of central authority. As said before, the simple answer is nobody. Bitcoin isn’t a printed currency, it’s a digital one. You may even make transactions on-line using Bitcoins.
So you cannot churn out boundless Bitcoins? Certainly not, Bitcoin was developed to never mine over 21 million Bitcoins to the world at once. Though they may be divided into smaller quantities. One hundred millionth of a Bitcoin is known as a Satoshi, after its creator. What’s Bitcoin based on? For appearances mainly and conventional usage, Bitcoin relies on silver and gold. Nevertheless, the truth is that Bitcoin is in fact based on pure mathematics. It’s absolutely nothing to hide either as it is an open source. So everybody may look to it to see whether it’s running the way they claim.
What’re Bitcoin’s characteristics? 1. As said before, it’s decentralized. It’s a not possessed by any particular company or bank. Each software which mines the Bitcoins compose a network, and they work together. The theory was, and it worked, which if a single network goes down, the money still flows.2. It is easy to set up. You may set up a Bitcoin account in seconds, unlike the big banks.3. It is anonymous, at least the part which your Bitcoin addresses aren’t connected to any type of personal information.4. It is completely transparent, all the transactions using Bitcoin are shown on a large chart, known as the blockchain, but no one knows it is you as no name is attached to it.5. Interchange fee are minuscule, and then compared to a bank’s fees, the rare and then small fees Bitcoin charges are close to nothing. It is fast, extremely fast.
Salish Puthenveettil Salim 