What is bitcoin?

Bitcoin is a form of digital “currency”. It is created and stored electronically on a computer. Bitcoins are not money from central bank or financial authorities on paper money such as dollars, euros or yen. Bitcoin is the first example of cryptocurrency, created by people and businesses around the world, using advanced computer software to solve math problems.

Satoshi Nakamoto first proposed bitcoin as a mathematical payment tool. Bitcoin is a method of payment or transfer of values ​​that is independent of government officials such as central banks that traditionally control the money supply and the availability of money in the global market.

Instant computer transfers are done with low transaction fees. Bitcoin does not go through the traditional banking system; Instead it flows from one computer’s wallet to another.

Bitcoin cannot be kept in a pocket or wallet like currency; It is a purely computer-based tool for exchange.

Bitcoin is a fixed asset; There are only 21 million coins. Bitcoin is digested by solving advanced math problems. However, as bitcoin is divisible, the growth potential of exchange media is unlimited. One of the most interesting discoveries of bitcoin is blockchain or distributed accounting technology (DLT).

When it comes to changes in traditional operations and settlement for businesses in financial as well as other industries, DLT has amazing potential. DLT keeps track of ownership and allows for quick and efficient exchange of bitcoins.

Bitcoin has many properties that differentiate it from traditional currencies as a global means of exchange. Central banks or monetary authorities do not control the number of bitcoins; It has been decentralized so that it goes global.Bitcoin is unknown; Cryptocurrency allows users to monitor multiple addresses and does not require any personal information to set the address.

DLT technology makes bitcoin completely transparent; It stores complete details of every transaction that ever happens. Bitcoin is quick and once it is finalized. At the same time, there are limited fees and international and domestic transfers are not subject to foreign exchange rates and transfer fees. When it comes to bitcoin, there is no limit.

 

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