Facts About Bitcoin You May Not Have Known!
Bitcoin is one one of the most well know crypto coins out to date. Most of us have heard of it but do not know the technology behind the coin. Since it is one of the most prevalent coins in terms of market cap we thought we needed to educate the masses.
How It Started
A software developer going by the name of Satoshi Nakamoto whose identity to this day remains anonymous proposed bitcoin in 2008. It was conceived as an electronic payment system based on mathematical proof. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way.
After cultivating the concept and technology, in 2011, Nakamoto turned over the source code and domains to others in the bitcoin community, and vanished.
What Is Bitcoin
- Bitcoin is a digital currency. No bills to print or coins to mint. It’s decentralized, meaning there is no government, institution, or other authority that controls it.
- The system enables payments to be sent between users without passing through a central authority, such as a bank or payment gateway. It is created and held electronically.
- Bitcoin’s most important characteristic is that it is decentralized.
It is maintained by volunteer coders and run by an open network of dedicated computers spread around the world.
- The value of a bitcoin is determined by what people will pay for it.
- People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created.
CHECK OUT THIS INFOGRAPHIC FOR FACTS ABOUT BITCOIN WE DID’T EVEN KNOW!