Bitcoin is a purely digital currency, created and held electronically. Bitcoin is not controlled by a central authority like the Federal Reserve and all Bitcoin transactions take place in an online marketplace, where users are anonymous and untraceable for the most part.
Bitcoin has been championed by cyberpunk, techies, libertarians, and anarchists who dream of a distributed economy free from government control. Bitcoin is seen as the next step in ensuring financial privacy and security online. Bitcoin can also be viewed as a commodity rather than a currency which has made it subject to huge price swings with little notice or correction. Bitcoin was first introduced by Satoshi Nakamoto (a pseudonym) on 31 October 2008. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of Bitcoins is carried out collectively by the Bitcoin network. If you are interested in bitcoin investment and want to learn authentic rules about it, then you should visit bitcoinrevolution.org/.
Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
Bitcoin has been championed by cyberpunk, techies, libertarians, and anarchists who dream of a distributed economy free from government control
Since 2009 Bitcoin has had a market value of almost 700 million US dollars. Bitcoin operates on an open ledger known as ‘blockchain‘. This new technology provides users with both transparency and privacy (although it’s relatively easy to track transactions) which makes Bitcoin incredibly secure. A single Bitcoin currently costs £ 300 making it the perfect currency for hackers ( Bitcoin has been used online by darknet markets like the Silk Road ) and criminals. Bitcoin’s use in an underground economy prompted US senator Charles Schumer to call Bitcoin ” An online form of money laundering used to disguise the source of money, and to facilitate illegal purchases on the internet .” Bitcoin is also favoured by libertarians, who believe it takes power away from centralised governments.
Bitcoin operates on an open ledger known as ‘blockchain’. This new technology provides users with both transparency and privacy
Despite this Bitcoin remains popular because transactions are cheaper than other payment methods, Bitcoin can be transferred without going through banks or clearing houses which usually charge fees. It’s also extremely convenient: Bitcoins are often sent automatically when a payment is due without any additional action from the payer. Bitcoin is also extremely secure and anonymous making it popular with hackers and criminals Bitcoin’s main advantage over other currencies is that Bitcoin is decentralised which makes Bitcoin very difficult to shut down. Bitcoin has been hailed as the future of currency and Bitcoin transactions have steadily increased this year even in the wake of Bitcoin’s recent price fluctuations. Bitcoin is certainly a fascinating concept with huge potential but its future remains uncertain.
We’re living in a day and age where Bitcoin is trending. Everything from Bitcoin ATMs to Bitcoin T-shirts is being sold. Bitcoin is a digital currency, so it can be confusing at first for someone who isn’t familiar with it. This article will explain what Bitcoin is, how you get Bitcoin, why Bitcoin might be valuable and help you get started with your own Bitcoin wallet!
Conclusion
Bitcoin was created in 2009 by an anonymous programmer or group of programmers going by the name Satoshi Nakamoto. To this day no one really knows who created Bitcoin or if that person/group has died or disappeared given the anonymity behind it all. What we do know is that there have been multiple attempts to fake a Satoshi by using copy-paste coding, but Bitcoin will always know the difference. Bitcoin has been compared to gold as they are both commodities and finite in number with Bitcoin boasting 21 Million Bitcoin available, with only 16 million of those Bitcoins currently in circulation. This leaves Bitcoin following the same rules as gold for scarcity, which brings up a question: is Bitcoin real money?
The main reason people believe Bitcoin isn’t real money is that it only exists digitally and is not backed by any government. However, very few things we use every day are backed by a government such as the US dollar or Euro. All fiat currencies can also be used without any ties back to their respective governments so Bitcoin operates exactly like most other forms of currency available today.
