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What is bitcoin

What Is Bitcoin?

Bitcoin is a cryptocurrency, that doesn’t have a single administrator or even a central bank. Transaction on bitcoin pass through a network verification process and are usually recorded in a distributed public ledger popularly known as a blockchain. It was invented by some group of persons that Make use of the name Satoshi Nakamoto. In 2009 it was released as open source software. One unique thing about bitcoin is that bit cannot be exchanged for any other currency. It stands alone. In 2017, there was an estimate of 2.8 to about 5.9 million users that made use of this cryptocurrency wallet.

Today bitcoin has been criticized for illegal transactions. Some persons also see it as an economic bubble. But above all these criticisms it has been widely used for good investment purposes. Bitcoin has one of the strongest security. Once you have downloaded the blockchain app and you have created your wallet password, it is impossible for someone else to log into your account. Logging into bitcoin definitely directs you to your email before you are finally allowed to assess your bitcoin account.

Some basic fact:

  • Bitcoin domain name was registered on the 18th of August 2008
  • One of bitcoin creator, Nakamoto is estimated to have mines almost one million bitcoin
  • Bitcoin foundation was actually founded in September 2012 so as to promote the development of bitcoin and uptake of bitcoin.

Blockchain

This is a public ledger that helps record bitcoin transactions. It’s is used as a chain of blocks and each block contains a symbol of the previous block up down to the genesis block. The blockchain is maintained by a network of communicating nodes and the network nodes are used for transaction validation. A new group of accepted transaction known as a block is created every 10 minutes. Every bill is recorded in a conventional ledger to record transfer that exists. Honestly, the blockchain is among the best place that bitcoin can be said to exist through the means of unspent outputs of bitcoin transaction.

Wallet

A bitcoin wallet helps store necessary information when transacting bitcoin.  They are normally described as a place to hold bitcoins. Bitcoins are currently inseparable from blockchain transaction ledger. Just in case, a wallet is a collection of keys.

Advantages of Bitcoin:

  • You might probably be wondering what are the advantages of bitcoin.
  • Bitcoin makes it possible to send and receive money anywhere in the world.
  • It allows users to have full control and security of their bitcoin
  • Bitcoin has very low fees.

Every money that is in your bitcoin is solemnly controlled by you. There is nothing like a central authority in your bitcoin network.

Disadvantages of Bitcoin:

  • Bitcoin has some disadvantages and they are
  • Many people are still unaware of bitcoin and digital currencies
  • Bitcoin price increases and decreases every day and This is due to the current events that are related to digital currencies.
  • Bitcoin is still developing and still has some incomplete features.
  • Bitcoin is really not perfect.  It is still growing. More people need to be aware of bitcoin so that it can be more successful.
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10/12/2019, 15:55