Bitcoin is a form of digital currency and is one of the most used cryptocurrencies. It is decentralized; this means it uses a peer-peer network which has no central authority. It is open-source; this makes it highly available to any person in the world.
Before moving further about bitcoins, what is cryptocurrency? Cryptocurrency is a virtual currency which acts as a medium between financial transactions over the internet without an intermediary person and uses cryptographic techniques for secured transactions. In Layman’s terms, it is a digital asset which can be used as an alternative to money. But why is it called a cryptocurrency?
It’s always better to learn something from its roots. So, let’s start.
History of Bitcoin:
An interesting fact about earn bitcoin is that nobody knows who created it, whether it was created by a single person or group of individuals. In 2011 many cryptocurrencies emerged using this open-source code. In the beginning, the value of one bitcoin was basically nothing. In 2010 it was equal to $0.03. It started to grow in 2013’s and currently, one bitcoin is equal to 5,52,847.93 Indian Rupee and this value changes every single day. Bitcoin’s value is one of the biggest reasons people use them, but is there more to it?
Why should you use Bitcoins?
Nowadays, even though internet banking, monetary transactions can be made without any intermediary. Then what’s the main motive to use cryptocurrencies and bitcoins? The key features which make the cryptocurrencies more powerful and efficient are:
- Irreversible Transactions
- Easy International transaction
- Same value across the globe
- Low processing fees
Bitcoin uses cryptographic methods to ensure data integrity and security. The concept of no mediatory makes these cryptocurrencies popular and efficient. Litecoin, Ethereum, Monero and Tether are few similar cryptocurrencies to Bitcoin.