What is Bitcoin? 17 facts about Bitcoin
What is Bitcoin.
In very simple terms Bitcoin is digital money. This concept maybe a bit difficult to grasp but if you think about it what actually is money? Do you need to be able to feel money in your hands like cash? If so what is a debit card or credit card? When making purchases online the norm is typing in your credit card info. Is this also money or currency?
When you stop thinking about currency as cash in your pocket it is easier to grasp Bitcoin as a currency. For example your bank account, credit card, debit card etc, are limited entries into a database. These entries can only be changed when specific conditions are met. The condition being the account is yours and you are able to change the entries. In essence this is what cryptocurrencies are. How cryptocurrencies are made or the technology behind it is very different then a national currency but in short the definition can be rather simple once you’ve taken out all the noise.
Cool Bitcoin Properties
NO 3RD PARTY
In order to use Bitcoin you do not have to ask for permission. The bank doesn’t hold it, there is no one or anyone you have to answer in order to use your Bitcoin.
A bitcoin transaction is irreversible once it has been confirmed.
Bitcoin wallet addresses and accounts are not connected to identities.
Very fast peer to peer transaction sent globally through a network of computers.
Bitcoin transactions are very safe. I believe that they are far more secure than conventional credit or debit card transactions.
Bitcoin’s are mined using computers. When a transaction is made, computers mine Bitcoin solving difficult mathematical problems. This process is called mining and is the only way Bitcoin are made.
No one knows who made Bitcoin. Someone, or a group used the name Satoshi Nakamoto and created Bitcoin. A mystery that needs to be unravelled.
NOBEL PRIZE NOMINEE
Satoshi Nakamoto was nominated for a nobel prize.
Every 4 years the amount of Bitcoins that can be mined per block is halved. This event is know as the Halving.
All Bitcoin transactions are transparent for everyone to see on the blockchain.
A revolutionary breakthrough achieved by Bitcoin is how the network of peers must 100 percent agree on the state of balances if one peer disagrees the system does not work.
21 MILLION BITCOIN
Only 21 million Bitcoin are ever going to be mined and this is expected by the year 2140.
COMPANIES ACCEPTING BITCOIN
When i first bought Bitcoin people looked at me like I was crazy. A lot of people still do as i keep buying more. These companies beg to differ.
- Virgin Galactic
- KFC Canada
- Remax London
- T-mobile Poland
- Dish Network
There are many more companies not on the list. I’ve listed several out of 100’s.
Bitcoin is a legal currency in Japan and can be used in more than 300000 stores.
There are over 2000 Bitcoin Atm’s worldwide.
This was the year Bitcoin could be found on an exchange. !00 dollars bought in 2010 will roughly be equivilant to over 17 million dollars. Not a bad investment.
The idea behind Bitcoin was built on a principal known as decentralization where no one entity or person controls the price of the coin. Our currencies are created by the central banks. in the case of Bitcoin miners create the coin thus not one entity is suppose to be able to control it. However an argument can be made about the massive Bitcoin mining pools owned by Large companies or entities which in fact have the ability to control the price.