What is Bitcoin?



Bitcoin is now one of the most popular terms used in the market today. But do you know what bitcoin is? Read this post to know about bitcoin, it’s history and how it is dominating the cryptocurrency market.

The currencies we are mostly using all over the world are INR, Dollar, Euro, Pounds and etc. And we use these currencies to buy any product or service from the market. But it will be interesting if we say about a currency which we can not see, touch or feel, but can store electronically on our mobiles, laptops and computers devices. It is possible with bitcoin. Bitcoin is the first cryptocurrency widely used all over the world.

bitcoin

Normally the currencies we used are governed by a central authority or government. And the authority decides the value of the currencies.



But in case of bitcoin, there is nobody to control the value. The value of bitcoin can fluctuate from time to time, as there is no central authority to govern it.

Bitcoin: History, Mining, Usage

Bitcoin is invented by Satoshi Nakamoto. Presently it is known that Satoshi Nakamoto is an unknown person or group who designed bitcoin.

The number of bitcoin can be available in the market are fixed. Maximum 21 million bitcoin can rotate in the market.

Also, the most interesting factor of bitcoin is, it can be mined. To mine bitcoin one may need high processing devices like GPUs and ASIC.

Controversy: There are many countries that do not allow bitcoin mining.