Bitcoin : All you need to know about the most popular Crypto
We are all familiar with the terms Cryptocurrency and Bitcoin. Since its introduction in 2008, Bitcoin has been the centre of attention for digital currency enthusiasts. Bitcoin has gained much popularity over the years. Many cryptocurrencies have been introduced after it but people’s first choice remains Bitcoin. The reason being that it is the first and one of the most traded cryptocurrencies in the world.
An unknown person or a group of people named Satoshi Nakamoto created Bitcoin. Introduced in the year 2008, it was first launched as a medium of payment in 2009 when its source code was released as open-source software. Bitcoin was launched with the aim to serve as an electronic payment system that is independent of any central authority.
Working of Bitcoin
People can use digital wallets to send, receive or store Bitcoins. Every transaction of Bitcoin is recorded on its Blockchain. This helps in tracing the history of currency if any kind of fraud takes place.
Through the process of mining, miners validate a bitcoin transaction and create new bitcoin to be injected into the market.
Features of Bitcoin
Bitcoin is not a popular cryptocurrency worldwide for no reason. Its following features make it a popular crypto among traders and investors:-
Global & Fast Transactions
Transactions of Bitcoin take place on a global level, so it does not limit you to your own physical location. Electronic transaction of fiat currency can take minutes or hours to verify a receiver and transfer the amount. But transaction of Bitcoin are faster and the transaction is verified in a fraction of minute on the network.
Anonymity
In Bitcoin, users operate in semi-anonymity. Here, the public ledger system allows the receiver to know the transaction history of the Bitcoins he/she is receiving and the address of the wallet holder. But the wallet holder’s identity remains anonymous.
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