A cryptocurrency that was invested in 2008 was known as bitcoin. Bitcoin is a cryptocurrency that was used in 2009 after its release as open-source software. It is a decentralized digital currency that can be sent through a peer-to-peer bitcoin network with no intermediaries involved. Cryptography will handle the transactions for verification by network nodes. It is recorded in the blockchain, a public distributed ledger.
Bitcoins can be exchanged for other products, services, and other currencies. However, the real-world value of the coins is unstable. A university once performed research about using a cryptocurrency wallet commonly bitcoin, which there were 2.9 – 508 million users are using it.
Bitcoin news broadcast that the users choose to engage in the digital currency for many reasons, such as:
- Commitment to anarchism
- Decentralization and libertarianism
Users utilized bitcoin as pseudonymity and investment of transactions. The increased use of this digital currency leads the governments for regulation to tax, facilitate legal use in the world of trading, and for some other purposes (price manipulation and money laundering).
Basic features of bitcoin
Bitcoin has several features, which is a great advantage of the users, such as:
- Decentralized. Nobody owns or takes control of the bitcoin network, there is no CEO. The network consists of willing participants who agreed to the protocol rules. Any change made to the protocol by the consensus of the users. There is a wide array of contributing voices, including the developers, nodes, miners, end-users, and adjacent industry participants.
- Distributed. Blockchain, a public ledger where all bitcoin transactions will be recorded is used. The network stores copies of the ledger and runs the bitcoin protocol software. The nodes will provide the correct propagation of transactions by the software. There are more than 80, 000 nodes globally distributed, making it impossible to fail or lose information.
- Transparent. It is an addition of new transactions to the blockchain.
- Peer-to-peer. The payments are effectively direct, from person to person, business-to-person, or business-to-business. Meaning, no trusted third party is an intermediary.
- Anybody can use bitcoin. There will be no gatekeepers and no need to create your bitcoin account.
- All bitcoin transactions will be recorded and available in the public for anyone. It virtually eliminates the possibility of fraud.
- Censorship resistant. All bitcoin transactions follow the rules of the protocol and are valid. Transactions are pseudo-anonymous.
- Pseudo-anonymous. Identity info is not inherently tied to Bitcoin transactions.
Fast and easy transactions
Many businesses have been using the said digital currency, due to the easy and fast transaction. It has also a quick transaction, yet recorded in a secure and safe blockchain system. Digital currency is now the latest online or virtual money. Fast and easy digital money is provided by bitcoin. Thus, many online businesses and investments have used virtual money for a fast and quick transaction, which bitcoin is one of the top-rated digital money in recent times.
Are you an eCommerce or an online gaming site, both can take advantage of the use of digital currency in today’s generation until the future.