Bitcoin was created in 2009 by an anonymous entity known as, “Satoshi Nakamoto.” It was the original cryptocurrency. Bitcoin can be sent over the internet to anyone, anywhere in the world. Because of this, it can be thought of as digital money or digital gold.
Bitcoin uses a decentralised ledger to track all transactions and allows people to send funds directly to each other. This means it is not controlled by a single entity, so there are no middlemen that can control transactions, try to block them, or ask you to pay expensive fees for them.
Bitcoin is an independent, global, censorship-resistant system used to store and transfer value. It was a revolutionary invention, and many people refer to it as “gold 2.0.” This is because it shares many of the same properties as gold, such as scarcity, fungibility (what is fungability?), durability, and divisibility. However, Bitcoin is infinitely more portable than gold.
In fact, gold is extremely heavy and requires an elaborate compliance process to transport across international borders. However, all that a person needs to transport Bitcoin across international borders is a smartphone.
Bitcoin is powered by “blockchain technology.” Blockchain technology is a financial technology in which groups of transactions are validated by special computer programs run by “miners” and added to the “chain” of transactions in “blocks.” This chain of blocks, or blockchain, contains every transaction that has ever occurred on the Bitcoin network. It is Bitcoin’s blockchain that preserves its integrity.
Key benefits of using Bitcoin:
Any information on this site is not to be considered as financial advice. Please review the Disclaimer section for more information.