what is Bitcoin?

 

 

What is Bitcoin?

Bitcoin is a name of a cryptocurrency. In the history of cryptocurrency, commonly referred to as Crypto. Bitcoin was the first-ever cryptocurrency ever rolled out and used as a form of digital money. The founder of Bitcoin is not personally known, though a name Satoshi Nakamoto is most acclaimed as the founder of Bitcoin. However, there is no proof of the existence of such a person; hence the founder remains anonymous, and the latter could be a pseudonym.

Advantages of Bitcoin(cryptocurrency ) against fiat money.

Decentralized currency. Unlike fiat money which is centralized and controlled by central banks, cryptocurrency is not controlled by individual government central banks. Instead, it is controlled through computer algorithms and managed by a group of open-source developers.

Ease of use. Transactions are done via smart devices. A user only needs to have the internet to send, receive or make payments worldwide. With the ease of use also comes the benefits of non-geopolitical boundaries. For example, in the case of Fiat money, one has to choose different currencies for purchases outside their residing governments.

Secure. Bitcoin uses the best encryption possible; encryption used is at par with what the military and banks use in data encryption.

Affordable: Bitcoin is almost free to send, buy or make payment. A voluntary fee can be charged to speed up the transaction process.