Most of us have probably heard lots of information about cryptocurrency or at least the term alone. It is the latest and most preferred currency in the digital world. It can be used as the medium of exchange of any person holding it. Cryptocurrency can also be used in buying and selling goods or services all around the world. Bitcoin has nailed the history as the number one of this kind.
Quick backtrack of Bitcoin progress
It is a kind of cryptocurrency and global payment system. It has a currency coin symbol of B. As I have written above, Bitcoin is the number one in term of currency existence: first ever to become the decentralized electronic money. It means that the whole system functions independently from government or central banks. Like some other cryptocurrency, transactions are done in peer to peer manner. Processes can be applied with zero support from intermediary. Transaction verifications are made by the network nodes itself with the implementation of cryptography. It was then recorded in blockchain: a distributed common ledger. It was made by a group of anonymous people under Satoshi Nakamoto name. It was year 2009 when it was launched as open source software.
Bitcoins serves as a prize for mining transactions. It can also be traded to other cryptocurrency. As of the moment, there are already lots of merchants which accept Bitcoin as a payment for products or evev support services. As more businesses and merchants accept Bitcoins as an official payment, there will be progression in Bitcoin part.
According to some experts, it is the today’s best and well known cryptocurrency which depends on computerized networks for easy solving of mathematical and complex problems. It will leads to precise verification and recording of all transaction’s details.
Benefits of owning Bitcoin
Bitcoin has a low risk of inflation compared to traditional currency that we have right now. The later has a higher risk of losing the purchasing capabilities every year.
Mining of Bitcoin is limited to twenty one million units, therefore there is a slow releasement of new coins and can only be mined out entirely after the next couple of years. Predictions say that the last coin can be possibly mined in the year 2050.
It has low chances of collapsing unlike the on the traditional which rely on the actions of government. If currencies fall down, hyperinflation will occur. The rates of Bitcoin exchange are not controlled by any form of government. This electronic money is accessible worldwide.
Holder can make money through trading, mining and of course through saving. In trading process, holder can possibly buy Bitcoin in a low cost and then sell it in high amount.
Transactions with Bitcoin are all secure and safe. From time to time, holders can monitor it in their cellular gadgets or home computer. Every process can be done too without the support of any third party or intermediary.
Truly, Bitcoin is not just the first but also the best cryptocurrency of all time.