To know what Bitcoin is, one needs to understand the classification it comes under, that is cryptocurrencies. A cryptocurrency, simply stated is a digital currency, which means that they are not tangible. In addition they are decentralized and ensure maximum transparency. Any transaction is done through something known as blockchain. Blockchain encrypts the transaction thus making it safe and secure. The transactions are recorded on an open source ledger, which because of its nature, is accessible to all. Any transaction executed through a cryptocurrency is added to this ledger which is known as Digital Ledger Technology (DLT). Moreover, the only way to circulate more cryptocurrency is through a process known as cryptocurrency mining wherein miners solve complex mathematical problems and get rewarded in the form of cryptocurrencies.
earn bitcoin is essentially the cryptocurrency with the highest value. In fact, it is the cryptocurrency with the most widespread adoption. Its creator is believed a person or a group of persons going under the name Satoshi Nakamoto. It allows for peer to peer transactions without the need of any intermediaries. The volume of fluctuations is also the highest in this cryptocurrency.Another intriguing fact is that there exist exactly 21 Million Bitcoins. It is commonly denoted as BTC.
Bitcoin – what really sets it apart?
Bitcoin distinguishes itself from other currencies in the following ways
- Since it is decentralized, it is not prone to manipulation from any single party.
- Moreover, their transparent nature, and the fact that each transaction is continuously recorded make it secure than other modes of online payment.
- It is highly liquid in nature as compared to other cryptocurrencies.
Another major advantage is that international transactions are way more feasible through cryptocurrencies than through any other forms of currency. There are no rigid institutional rules nor are there any transactional fees unlike modes such as credit cards.