What Is Bitcoin ?

The Bitcoin has the distinction of being the world’s first decentralized cryptocurrency. It was introduced in the year 2009. B-money and bit gold were the earlier attempts at actualizing digital cash technologies. Satoshi Nakamoto is the creator of Bitcoins

What is Bitcoin and Why Should We All Use It?

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros, they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

According to Coindesk portal today Dec. 2, 2016, the value of 1 Bitcoin reached $771. Analysts believe it will jump to $2,000 in 2017.

Bitcoin has been invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009.

There have been various claims and speculation concerning the identity of Nakamoto, none of which are confirmed. The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain, which uses bitcoin as its unit of account.

Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed and it is more correctly described as the first decentralized digital currency. Bitcoin is the largest of its kind in terms of total market value.

Microsoft’s legendary co-founder Bill Gates said at the Sibos 2014 financial-services industry conference in Boston “Bitcoin is exciting because it shows how cheap it can be,” he told Bloomberg TV’s Smart Street show “Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”