What is Bitcoin? Bitcoin was discovered in Japan. Satoshi Nakamoto implemented bitcoin software as a open source code which was released in...
What is Bitcoin?
Bitcoin was discovered in Japan.
Satoshi Nakamoto implemented bitcoin software as a open source code which was released in January 2009.
Bitcoin is the Digital Currency like Dollar, Euros or other currency, which is used as a payment source in many countries and distributed electronically.
Bitcoin is a decentralized peer to peer network, that enables to sent between users without passing through a central institution such as a bank or any payment gateway.
The advantage is that Bitcoin can’t be printed and their amount is very limited i.e only 21 million Bitcoins can be created. It can be mine, anyone with a powerful enough computer could mine Bitcoins. But you require a powerful computer with a high capacity server for mining. When Bitcoin was introduced, it was completely a new and unique idea. The world’s first digital, decentralized currency that isn’t controlled by anyone at all.
As money like dollar, euros, with a controlled supply by a government, a bank, but in the bitcoin already decides it limitation that is not changeable.
The question in your mind is Who Control Bitcoin?
The Answer is…..
Bitcoin is decentralized way of transaction ,the most important characteristics. When Nakamoto handed the control of the code repository over to Gavin Andresen. Andresen afterwards became lead developer at the Bitcoin Foundation. Now it was maintain by a group of coders and run by an open source of dedicated computers or servers around the world. The bitcoin movement is extremely transparent that every single transaction is being stored in a public ledger known as Blockchain.
Bitcoin is decentralized way of transaction ,the most important characteristics. When Nakamoto handed the control of the code repository over to Gavin Andresen. Andresen afterwards became lead developer at the Bitcoin Foundation. Now it was maintain by a group of coders and run by an open source of dedicated computers or servers around the world. The bitcoin movement is extremely transparent that every single transaction is being stored in a public ledger known as Blockchain.
Characteristics of Bitcoin:
A user who uses bitcoin sees only amount of Bitcoins on his/her wallet and its transaction results.
1. Blockchain:
Bitcoin is based on the Blockchain technology. Beside this, Bitcoin blockchain is a public ledger that records Bitcoin transactions.
It is implemented as a chain of blocks, each block containing a hash of the previous block up to the genesis block of the chain. A network of communicating nodes running bitcoin software maintains the blockchain.
2.Secure:
Cryptocurrency funds are locked in a public key cryptography system. Only the owner of the private key can send cryptocurrency. Strong cryptography and the big numbers make it impossible to break this coding. A Bitcoin address is more secure than bank security.
3.Anonymous:
The Bank know virtually everything about their clients: Account name, address, mobile number, credit history, and so on.
But in the bitcoin all are different. Neither transactions nor accounts are connected to real identities of the person. You receive Bitcoins on bitcoin addresses, which are randomly code in hash of around 30 characters.
Some people don’t want their finances to be governed or tracked by any kind of an authority, activities like terrorism, hacking, drug supply or other illegal activities.
4.Transparent:
As single BTC transaction that ever happened is stored in the Blockchain. If your wallet address was done by any transaction, anyone can tell how much bitcoin is in it by studying the blockchain ledger. However, we can easily check all the transaction details of the particular Bitcoin address openly.
Those people who want to stay anonymous with their transactions have advantages.
5.Fast and Globally:
The bitcoin payment complete instantly in the network and are confirmed in a few minutes. You can send send Bitcoin to anyone across the world. While normal bank transfer can take upto several days.
6.Charges: The bitcoin transfer charges is negligible. While transacting through a bank takes a long time and fees comparable to bitcoin to reach the recipient.
Cryptocurrencies can’t be recalled: The main disadvantage is once you send your Bitcoins to wrong wallet, after confirmation there is no way of getting them back, unless the recipient would want to send them back to you. So check carefully recepient address of a payment. When it comes to traditional currencies, most transactions can be recalled, as all it takes is one visit to bank.
More Guide
Who created bitcoin
How to buy bitcoin
What is blockchain
Should i buy bitcoin
Is bitcoin is bubble
Bitcoin trading complete guide
COMMENTS