What is Bitcoin and why is it so popular?
Over the past couple of years, modern technology has revolutionized the world. The development of technology is continuously changing and improving, and it has a huge impact on the people at every stage of personal development. We cannot imagine our world without smartphones, computers, electricity, vehicles, etc. As the time goes by, we are facing with a lot of innovations and unusual things that will later become common things.
One of the biggest innovations in the modern world is Bitcoin. Its popularity is so big that today one Bitcoin values more than $3,000! So, what is Bitcoin and how has it became so valued and famous?
Bitcoin is the first digital currency known as cryptocurrency developed in 2009 by an anonymous software developer or a group of developers known as by the pseudonym Satoshi Nakamoto. The best explanation of Bitcoin is that it exists only electronically, and we cannot have it in our hands. Bitcoin is decentralized currency, which means that it doesn’t need a central authority to control it.
That’s what makes Bitcoin different and unique — it is an open-source currency, designed for everybody, and nobody owns or controls Bitcoin. There is no single bank or some institution that controls Bitcoin. Instead, all of the transactions are stored online on a digital software platform called Blockchain. Blickchain is the world’s leading platform for digital currencies and it enables the currencies such as Bitcoin to work successfully.
On the beginning, people were skeptical about buying Bitcoin. However, Bitcoin has succeeded in becoming the biggest digital currency worldwide, and it has gained trust and confidence by millions of people.
Bitcoin is electronic cash that enables direct, peer-to-peer transactions from one person to another. Bitcoin attracts many people because of its decentralized nature. There are people who do not want banks or governments to control their money, so they choose Bitcoin. Bitcoin allows transactions to be performed in an open network, owned by nobody.
We use fiat currencies every day, such as dollars or euros, and they have an unlimited supply, which means that the banks can issue as much fiat currencies as they want. On the other side, Bitcoin is completely limited — it is controlled by an algorithm that decides when and how the new bitcoins will appear at the market.
The most important advantage of Bitcoin is that it is completely anonymous. Nowadays, when we send money to someone or when someone sends money to us, we all know the identities of these people. However, Bitcoin users are unknown. The system is created to work without the need to know its users’ identity. Bitcoin users are identified by their wallets.
Bitcoin allows people to easily and simply transfer value anywhere in the world. There are many online platforms where you can buy or sell bitcoin. Some of the best bitcoin exchanges are Coinbase, Gemini, GEX.IO, Coinmama, and Bitstamp. Bitcoin is considered as the future of the monetary world. It has gained trust by a lot of people who have recognized the current financial system as unstable.
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Disclaimer
The information contained within this website and resource section is not intended to be a substitute for financial advice or promotional offer on the investment or purchase of cryptocurrencies, digital tokens or related assets. Although care has been taken in preparing the information provided to you on this site and in the resource section, we are not held responsible for any errors or omissions and accept no liability whatsoever for any damage or loss you may incur through the result of your own actions and decisions when deciding to purchase or invest in cryptocurrencies or related digital assets. You should never engage in trading unless you fully understand the nature of the transactions you are entering into and the extent of your exposure to loss. We recommend you always seek financial/or legal advice counsel relating to your investment and purchase circumstances. This material has been prepared for informational use only.
