There are a lot of people that have heard about bitcoin, a kind of digital currency. It means that it exists electronically and to be exact, bitcoin is one kind of the cryptocurrency –an implication of the encryption and security is very important. In today’s post, we are trying to check some questions about the Bitcoins that will give you clearer knowledge of what this is, or how you may use this to buy the products and services online and check out the latest bitcoin news.
Bitcoin generally refers to a kind of software and network, a kind of digital currency. Its price fluctuates, which depends upon what many people were keen to pay for this. And it traded for pennies (during its infancy stage) to record high of over 20,000 USD, which was reached on 17 December, 2017.
Who developed an idea of bitcoin?
An idea of the Bitcoin was actually conceptualized by Satoshi, he was an anonymous figure. And in May 2008, Satoshi shared the white paper about Bitcoin, peer-2-peer cryptocurrency. He outlined how this currency will work: bitcoins will be ‘mined’ by the computer software, and transferred straight amongst the users as well as recorded in the untamperable ledger and without any need of the third party.
Part of the Bitcoin’s appeal is Nakamoto’s anonymity, and who most view as the selfless act towards the new era of the financial revolution. This means that transaction records act will be the proof of your transaction and Bitcoin is programmed non-duplicable that means double spending will be unlikely.