Bitcoin is the popular cryptocurrency, which is well known by the hackers, if you are not a hacker then no problem, this guide will help you to understand completely about Bitcoin
What is Bitcoin?
Bitcoin is popular digital currency, where all Bitcoin currency transactions will be online only. Like RBI controls Rupee in India, Federal Reserve bank controls dollar in USA, but when it comes for Bitcoin, no one controls this digital currency.
Like Dollars, Euros, Rupees etc., Bitcoin are not printed. These bitcoins are produced by the people and making secure transactions.
Who Created Bitcoin?
The main motto to develop the Bitcoin is that in the 2008, the banks were charging a huge fee for transactions from one account to other account, to overcome this in 2008.
satoshi nakamoto had published the paper “Peer-to-Peer Cash Transaction” which is based of mathematical proof is known as cryptocurrency.
And this Bitcoin is very secure and un-hackable currency due to this unique nature, it became very popular.
Then in 2009, with the some banking developers including satoshi nakamoto, developed the software, which is open source and named it as Bitcoin.
But no one knows that, who invented the Bitcoin, satoshi nakamoto stated that he is not the inventor of the Bitcoin, till today Bitocin does’nt know his creator.
What makes it different from normal currencies?
Bitcoin can be utilized to purchase the things electronically. The main thing that makes it differ from other currencies is that, Bitcoin is decentralized and no one controls the bitcoin network.
Normal currency like dollars, rupee, euro etc can be controlled by their own government, but here no one organization controls the bitcoin, which you can make safe transaction, and there is restrictions in the bank to transfer limited amount of money per day or per month.
Whereas in the bitcoin you can transfer your bitcoin to any dollar, rupee, euro currency you want at any point of time. So most of the bulk transaction makers, make use of this platform.
The very important point here to be noted that, if you transfer the bitcoin to your friend, once transferred cannot be tracked back. No one can track your transactions, as the normal banking system does.
Who prints Bitcoin?
This is currency is not printed by anyone. But this currency can be created by the people.
Let us assume, if you want to send money to your friend, you transfer money from your account to your friend account, then in middle Bank has to validate the transaction, then only money will be transferred to the particular party.
Same applicable here, in the place of Bank, Miners who validate the transaction, they will get a gift in the form of Bitcoin.
So many among us put hand to mine Bitcoin and make some profits over mining Bitcoin.
Bitcoin is Limited or Unlimited?
Bitcoin is limited. According to the Bitcoin algorithm, states that there are only 21 million bitcoins will be existed. These bitcoins will be released in the market, when bitcoin miners mine the Bitcoin.
Say as example, if a miner mines the bitcoin or if a Bitcoin miner validates the transaction or solves the block, then he will be gifted in the form of bitcoin that means new bitcoins were created and will we offered as gift to the miners. Till date there are 17Million are in the market.
1 Bitcoin = 10,000,0000 Satoshi