Bitcoin is the most popular cryptocurrency, based on blockchain technology. It is completely virtual but can work as real money. While you can’t print, touch, or store Bitcoins in your purse, you still can use them to pay for services or goods.
Bitcoin became available to the public in 2009. It was developed by a mysterious individual or a group called Satoshi Nakamoto. They aimed to invent an independent payment system without any financial institutions and succeed. Moreover, the process is anonymous, and there are no transaction fees. Anyone can make the transactions via Bitcoin.
Who controls Bitcoin?
One of the most significant benefits of Bitcoin is its independence from almost everyone. World governments, financial intuitions, and corporations are unable to control cryptocurrencies. In other words, no one can interfere in Bitcoin transactions. Furthermore, all the processes are transparent as every transaction is recorded through blockchain technology.
How does Bitcoin work?
Bitcoins have nothing to do with traditional money. Technically, they are a collection of numbers stored on computers all over the world. Bitcoin is built on blockchain technology. Each computer that takes part in the Bitcoin network store a database and uses it to verify every transaction.
Unlike traditional payments, Bitcoin transactions can’t be recalled. It means that if someone mixes up the numbers and gives coins to the wrong person, nothing can be done. This measure helps prevent fraud.
What can you do with bitcoins?
First of all, bitcoin investing is promising. The value of Bitcoins will probably grow over time once businesses and people start using them more and more. Secondly, many tech businesses already accept Bitcoins, so they can replace cash and credit cards in the future.
