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A BEGINNER’S GUIDE TO BITCOIN
Technology is changing in the world currency with the introduction of bitcoin. Through blockchain technology, bitcoin became the first cryptocurrency ever created. Many people did not understand what it is for a long time. In this guide, we shall look at everything bitcoin.
WHAT IS BITCOIN?
Bitcoin is simply defined as a digital currency. Also referred to as a cryptocurrency, bitcoin is the first of its kind. It is digital because it is not tangible that you can touch it. Normal currency is like notes, coins, and gold that you can touch and see. You cannot touch bitcoin. In fact, bitcoin does not even exist. What is called bitcoin is only proof of transactions that are stored on the blockchain.
Fiat currency is married to a state. A certain country can claim to own a certain currency. USD is for the USA, GBP is for the UK, Rand for South Africa, and so on. No state can lay a claim on bitcoin. It is used as a world currency.
WHO CREATED BITCOIN?
This is a question that is still a mystery in the minds of many people. It is not known exactly who created the technology.
However, it is assumed that a person or group of people that go by the pseudonym Satoshi Nakamoto is responsible for the currency. Today, his own bitcoins are still untouched as he has remained anonymous.
The aim behind the creation of bitcoin was something totally different. Satoshi wanted to find a way to bring peer-to-peer network functionality into transactions. That goal became what is now the most impressive technology.
Bitcoin first came into the market in 2008 when Satoshi anonymously published a paper announcing his break-through. But that was not the first time such, an attempt had been made. In the late 90s, many scientists had tried to find a way into a decentralized system to bring blockchain technology into financial functionality without success. When the paper was published, therefore, it was a breakthrough of the century.
WHAT MAKES BITCOIN SO SPECIAL?
Bitcoin is a special currency due to so many factors. It is hard even to imagine the impact bitcoin will have on the financial sector should it be fully adapted. Even now, there are those who are still cautious about it, but it has spread its roots beyond the limit. Creators of bitcoin never anticipated that it could pick up as fast as it has today. Its speed of adoption is one of the characteristics that have set it apart from the traditional fiat currency.
But that is not all. It has other special features that make it worthwhile.