What is Bitcoin? Here we go with more comprehensive info
What is Bitcoin is often the first question when it comes to digital currency.
Bitcoin currency is the first digital coin introduced by a group (pseudonym Satoshi Nakamoto) in the year 2009. Nowadays many people are dealing with Bitcoin since it has become a more popular form of cryptocurrency.
Bitcoin is the first digital currency introduced by a group (pseudonym Satoshi Nakamoto) in the year 2009. Nowadays many people are dealing with Bitcoin since it has become a more popular form of cryptocurrency.
It is a digital currency created electronically. This currency is not printed like normal currencies. However, Bitcoin is produced by People and businesses that are running computers utilizing the mathematical problem-solving software.
Look at the descriptive Bitcoin video
What makes Bitcoin differentiate from normal currencies?
Bitcoin currency is used to purchase things electronically. Often times, it also comes with the conventional dollars, yen or euros because these are also used digitally.
However, one important aspect that differentiates it from other conventional money is its decentralized character. No institutions control it thus avoid extra fees transacting.
Who created bitcoin currency?
Bitcoin is initiated by a software developer – Satoshi Nakamoto. It is based upon the mathematical proof. The basic idea behind initiating bitcoin was to have a currency that is independent, transferable electronically with fewer transaction fees.
Who prints Bitcoin?
This currency is not printed as normal currency. Nonetheless, It is unaccountable and created digitally allowing all people to join. Accordingly, Bitcoin currency is mined through a computing power in a distributed network.
What are the features of Bitcoin?
Despite above aspects, there are various features of Bitcoin!
- Bitcoin is Decentralized
- It is easy to setup
- Bitcoin currency is transparent as a whole
- It is anonymous
- Involved with fewer transactions fees since there is no central authority that controls it.