20 Jan What is Bitcoin
What is Bitcoin? |
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Bitcoin is the oldest and best known cryptocurrency in the world and has been mined continuously for more than ten years. Despite this peculiarity, many people still find it difficult to understand what it is, what it means and how it works.
What is Bitcoin?
Bitcoin is a pair-to-pair payment protocol that works without central authorities such as governments and banks. Open source technology ensures that all bitcoin transactions and issuance are collectively secured by mathematical geniuses, cryptography and network participants, the so-called miners. Such a design makes it the most sophisticated, accessible and transparent currency. Anyone with the skills to participate in development or create additional applications.
What you should know about Bitcoin.
The history of Bitcoin begins on January 3, 2019, when Satoshi Nakamoto and other cypherpunks decided to turn this idea into reality. The price is determined by supply and demand. The higher the demand for Bitcoin, the higher the price.
In June 2019, almost 18 million bitcoins were in circulation, a total of about $ 150 billion. It’s still nothing compared to fiat currencies like the US dollar, which has $ 3.7 billion in circulation. When comparing Bitcoin with gold, whose market capitalisation exceeds $ 7 billion, the number is even smaller.
The creator of Bitcoin, a person or a group using the pseudonym Satoshi Nakamoto, has capped the coins that can be put into circulation at just under 21 million coins. It is estimated that all of these bitcoins will be produced (in terms of cryptocurrency, “mined”) by 2140.
Bitcoin is decentralised, which means that no person has control over it. It is based on what we call blockchain, also known as distributed ledger technology (DLT).
Bitcoin is ahead of other cryptocurrencies not only in terms of price, but also in terms of different merchant that accept that form of payment. The most popular croissant has made it difficult to use Bitcoin to obtain all rights related to the extension and confirmation of the transaction.
There is a lot to learn about Bitcoin to fit in a guide. If you are intrigued by cryptocurrencies, make sure to head over to our Courses section and enrol in our beginners cryptocurrency course. Some people have been studying it for years and some have yet the chance to encounter it. However, you don’t need to understand everything if you just want to use Bitcoin and it is easy to purchase Bitcoin in Canada.
Ultimately, Bitcoin, like other cryptocurrencies, is still under development, and nobody knows what opportunities or challenges this may bring in the future. That said, nobody knows what can happen with our traditional money either.
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