What is Bitcoin?

 


What is Bitcoin?  Bitcoin was created in 2009 after the  recession. Although Bitcoin was created as a peer-to-peer electronic  cash system, it attracted  investors interested in cryptocurrencies as a store of value comparable to gold.  History of 

 Bitcoin 

 The concept of Bitcoin was published in a 2008 white paper written by an anonymous individual using the pseudonym Satoshi Nakamoto. No one knows the  identity of the author-or if it is alone and not a group of people. According to Ollie Leech, a learning editor at CoinDesk, a major cryptocurrency news outlet, this paper outlines how Bitcoin works and the currency was officially launched on January 3, 2009. .. 

How Bitcoin Works 

The maximum supply of  Bitcoin is 21 million, which is all. Once the cryptocurrency is released, the creator can set its parameters (how much, buying and selling rules, how to add new Bitcoin to the marketplace, etc.), but cannot change them later. These rules, written from the beginning, make Bitcoin a really scarce resource and cap the total amount available so far. 

 "No one, the government, or Satoshi himself can change it now that it's published," Reach says. "You can't duplicate Bitcoin. You can't reproduce them either." Here, as new ores and deposits are discovered, gold constantly enters the market and is a relatively scarce resource. The comparison with gold is somewhat controversial. 

 Bitcoin is also much more transferable and easier to store compared to resources like gold. If you want to move gold, it costs a lot of money (armored personnel carriers, security, the cost of storing it in a secure facility, etc.). Bitcoin can basically be stored on a USB stick – known as a cold or hard wallet.

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