ALL ABOUT BITCOIN
What is Bitcoin ?
Bitcoin is a digital currency that was created in 2009 by an unknown person under the pseudonym “Satoshi Nakamoto”. Transactions made with Bitcoin are made directly from person-to-person (P2P), without any intermediaries or banks. There are no transaction fees involved, and you will not need to provide your real name during the transactions.
Bitcoin has attracted the interest of many traders and businesses around the world, as it allows you to buy anything from “Make up” products to online services.
Even online shopping is very easy with Bitcoin, as it is not tied to any particular country and thus it’s not subject to any form of regulation. This has captured the attention of many small businesses, since there are no fees or credit cards involved. Of course – there are also some people who buy Bitcoin as an investment, hoping that the prices will rise later in the future.
Interest in Bitcoin is now higher than ever – with its recent break of the $4,000 barrier being an all-time record in the world of virtual currencies. Many people who have previously invested in Bitcoin have turned into millionaires over very short periods of time.
It is a common belief that Bitcoin is very complex, but in reality, it’s actually much simpler than most people think. Bitcoin is a payment system similar to credit cards or bank transfers, however with much better advantages.
“Satoshi Nakamoto” is the mysterious person who created the Bitcoin and the block-chain. Despite numerous attempts to reveal the person or group of people behind the name, their true identity still remains unknown. There have been many failed attempts to reveal the Bitcoin inventor’s true identity, including one when in 2014, News Week reported that Dorian Nakamoto, a 64-year-old Japanese American, was the one behind the pseudonym. These claims were quickly disapproved by the real Nakamoto though, leaving the mystery still unsolved.
Bitcoin is a global system that facilitates the transfer of funds between people. When we say that the transfer of Bitcoin was completed, this means that the money was successfully transferred from the sender to the receiver. In order for that to happen, the transfer needs to be confirmed. This process is very quick and it is not handled by people or companies, but rather by thousands of computers around the world, connected together via the Internet. In order for these devices to perform these transactions in a secure manner, they need to perform very complex calculations that take a lot of computing power and therefore require a lot of energy and specialized processing equipment.