The best way to explain Bitcoin is as a digital currency that is created and held electronically – in a decentralized network with no authorities. Unlike banks which are actual institutions that regulate the flow of money and print them, Bitcoin is a digital (crypto) currency which is not printed but instead produced using a software that solves mathematical problems.
Satoshi Nakamoto is the guy who invented Bitcoin. Nakamoto is a
software developer who had an idea of developing a currency that is
fully independent and not controlled by any authorities. The currency
was also meant to be transferred electronically with very small fees
and with fast transactions. That is how Bitcoin was born.
Knowing that there is no printed or physical form of Bitcoin, it is
safe to say that Bitcoin is a fully digital currency which exists as
such – but also can be converted to euros and dollars. The most
important characteristic that differs it from normal currencies is the
fact that it is decentralized.
This basically means that there is no single institution in charge or
control of the Bitcoin network, making it unique and different to
conventional money. Thanks to this factor, a lot of people are
comfortable using it and know that their money cannot be controlled as
with banks or other financial institutions.
The answer is no – because there are certain rules in terms of how
Bitcoin works. In fact, the Bitcoin protocol as the set of rules says
that only 21 million Bitcoins can ever be created by miners. Even
though this number can be easily reached, the Bitcoins can also be
divided into smaller segments – with the smallest being one hundred
millionth of a Bitcoin, known as Satoshi (by the name of the Bitcoin
Bitcoin is not based on gold or other factors similar to conventional
currencies. Instead, it is based on mathematic formulas that are
solved by a software in order to produce this digital currency.
Some of the things that make Bitcoins great include the following:
Now you know everything about Bitcoin! Are you ready to invest in this
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