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Bitcoin is a form of currency that runs on the digital platform. The currency is electronically created and held. Unlike normal currency, no one controls bitcoin.
They are not printed, like euros or dollars, they are produced by people. They are produced by running computers all over the globe, increasing businesses and using programs that solve mathematical problems.
Bitcoin is an example of a developing money category referred to as Cryptocurrency.
What differentiates Bitcoin
Bitcoin is used to purchase goods electronically. In this sense, it is similar to conventional euros, dollars, or yen which also trade digitally. But what makes it different is its decentralization. It is not controlled by any single institution. This puts everyone at ease since no large financial institution can control their money.
Who is the creator?
Bitcoin was created by a software developer called Satoshi Nakamoto. He developed it as a payment system that is electronic and based on mathematical formulas. His idea was to generate a currency not dependent on any central authority. The currency is transferable electronically and instantly at a low transaction fee.
Who prints Bitcoin?
No one prints Bitcoin. It is not printed physically in the shadows by a central financial institution; a central institution that makes its own rules and not accountable to people. These institutions can print a lot of money that can cover the national debt, hence devalue the currency.
Bitcoin is made digitally by a group of people which anyone can be part of. They are mined in a distributed network using computing power.
The same network processes transactions made with online currency. This makes the currency its own payment network.
Can You Churn Out Unlimited Bitcoins?
You cannot churn out unlimited bitcoins according to the bitcoin protocol. The bitcoin protocol comprises the regulations that run bitcoin. The bitcoin protocol state that miners cannot create more than 21 million bitcoins. These coins can be divided into smaller units called Satoshi. A Satoshi is equivalent to one hundred millionth of a bitcoin.
What is the basis of a bitcoin?
The basis of conventional currency is silver or gold. But the basis of Bitcoin is Mathematics.
All over the world, people ae using computer programs that use a mathematical formula to generate bitcoins. The mathematical formula is available for free for anyone to check it.
The program is open source for anyone to verify it.
What are the characteristics of Bitcoin?
1. It is decentralized.
The currency is not controlled by a central authority. Every computer that mines the currency and processes its transactions comprise a network and the computers work together. Hence, no central authority can interfere with the currency to cause a meltdown.
2. It is easy to set up
You can create a bitcoin address in a minute free f charge.
3. It is anonymous
Users can hold many bitcoin addresses that are not linked to personal information.
4. It is transparent
Information of every transaction is stored in a general ledger called the block chain.
5. Transaction fees are minuscule
Bitcoin does not charge transaction fees.
So, Bitcoin is a revolutionary currency. It has a lot going for it! To learn What is a Litecoin click here.