Over time, bitcoins have become a very well-known and popular form of currency. But what exactly is bitcoin? The next article will look at the entrances and exits of this currency, which emerged from nowhere and spread like wildfire. What makes it different from normal currencies?
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Bitcoin is a digital currency, it is not printed and never will be. They are held electronically and no one has control over them. They are produced by people and companies, creating the first form of money of its kind, known as cryptocurrency. While normal currencies are seen in the real world, bitcoin passes through billions of computers around the world. From bitcoin in the United States to bitcoin in India, it has become a world currency. However, the biggest difference from other currencies is that it is decentralized. This means that no particular company or bank owns it.
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Who created it?
Satoshi Nakamoto, a software developer, proposed and created Bitcoin. He saw this as a chance to have a new currency in the market, free from central government.
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Who prints it?
As mentioned earlier, the simple answer is no one. Bitcoin is not a printed currency, but a digital one. You can even make transactions online using bitcoins. So you can’t produce unlimited bitcoins? Absolutely not, bitcoin is designed to never “dig” more than 21 million bitcoins in the world at once. Although they can be divided into smaller quantities. One hundred millionth part of bitcoin is called “satoshi”, after its creator.
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What is bitcoin based on?
For appearance and conventional use, bitcoin is based on gold and silver. However, the truth is that bitcoin is actually based on pure mathematics. He also has nothing to hide, as it is open source. So anyone can look at it to see if it works the way it claims.
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What are the characteristics of bitcoin?
1. As mentioned earlier, it is decentralized. It is not owned by a specific company or bank. Any software that digs up bitcoins builds a network and they work together. The theory was, and it worked, that if a network fell apart, the money would continue to flow.
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2. Easy to set up. You can create a bitcoin account in seconds, unlike big banks.
3. It is anonymous, at least the part that your bitcoin addresses are not related to any personal information.
4. It is completely transparent, all transactions using bitcoins are shown on a large chart known as a blockchain, but no one knows who you are because there are no names associated with it.
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5. Transaction fees are minimal and compared to bank fees, the rare and small fees charged for bitcoin are almost nil. It’s fast, very fast. Wherever you send money, it will usually arrive within minutes of processing. This is undeniable, which means that once you send your bitcoins, they go away forever.
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Bitcoin has significantly changed the world and the way we see money. Many people are still wondering if it is possible to live with bitcoins. Some even tried to do so. However, bitcoin is part of our economy now, a unique type of currency and will not disappear soon.
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