The World's First Blockchain-Based Peer-to-Peer Currency
It goes without saying that Bitcoin (BTC) is the world’s most famous digital currency.
The digital token has risen from its murky origins in 2008 to become a massive financial disruption and a household name.
But some investors still don't know exactly what Bitcoin is or how it functions. If you’re one such investor, this resource is for you.
Bitcoin’s massive value in the digital currency market as both a disruptor and innovator has earned it its own full-length research report, which you can access here.
The following spotlight contains the bare details.
Bitcoin was introduced to the world in 2008 by an anonymous founder known as Satoshi Nakamoto.
Many experts speculate that because Bitcoin emerged in the wake of a financial crisis, it was intended to be the answer to government-produced hyperinflation.
That being said, Bitcoin is equipped with the tools to complete this task. Bitcoin functions through a technology called a blockchain.
Because of blockchain technology, all the transactions that take place on the Bitcoin network are transparent. That means even though your name and personal information aren’t tied to a Bitcoin transaction, your electronic wallet address can still be seen by everyone.
This creates a system of trust that’s unlike anything we’ve ever seen before.
And that isn't even the best part…
For many, the best part of Bitcoin is that it can exist independently of any governing power. Bitcoin’s blockchain allows the peer-to-peer currency to be completely decentralized. No third party ever has to monitor it.
Bitcoin transactions are validated by a group of people known as “miners.” Miners use specialized hardware and software to solve complex algorithms. Every time they solve an algorithm, they help complete a block, which holds a record of Bitcoin transactions.
Through miners and a growing user network, the Bitcoin blockchain can exist without centralized intervention.
This gives Bitcoin a lot of value to many people and countries. From an individual’s standpoint, Bitcoin offers freedom from central authority. Beyond that, it also provides a hedge against hyperinflation because the amount of bitcoins that can ever exist is capped at 21 million.
From the point of view of many institutions, it isn’t Bitcoin that holds promise but instead its underlying blockchain technology. Its blockchain is truly the reason that Bitcoin has succeeded where other peer-to-peer digital currencies have failed.
As we head into a future where digital currencies are becoming more and more mainstream, Bitcoin is slowly losing its grip.
Outflanked by faster technologies (like Ethereum’s blockchain) and embarrassed publicly by its failure to resolve scaling issues (like SegWit2x), many argue that Bitcoin emerged in 2018 weaker than ever before — despite its staggering increase in price.
If you are interested in learning more about Bitcoin, you can access its website here.
If you would like to read the Bitcoin white paper, you can access that here.
How to Buy Bitcoin
Bitcoin is available on nearly every major digital currency exchange, including Coinbase, Gemini, Bittrex, Poloniex, and Binance.
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