What is Bitcoin? History, characteristics, pros and cons

[Beryymark 126]

Bitcoin is a cryptocurrency that was invested in 2008 and founded  by satoshi nakamoto in 2009 even though the identity of the person or people that created the technology is still mystery.Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority unlike government issue currencies.

[Alex9876r 1408]

Its launch is known to anyone present in the market and traded in it, but the inventor is anonymous and anonymous Indeed, Bitcoin came as the best application of blockchain technology and shaped a new era in terms of the development of the financial system and the payment method, and it gained the attention of the whole world, and after that, currencies in different networks with different functions and capabilities gradually began to emerge.

[Jhujhu 62]

This is good information and we all know the history of how Bitcoin completed its journey and how it became popular.  If you work here with mind you will not be harmed and if you work here you will learn English.

[Bolubobo 319]

Thanks for this post atlest have been able to learn something new here and also other members of the forum especially those that don't have idea about crypto

[Peacegift 215]

I am really impressed with this explanatory topic giving us a clear history of the existence of bitcoin and it's importance in cryptocurrency market today. Its always nice to be learning new things here every moment.

[Techman 197]

This is the modern assets that is digital decentralize in nature and volatile coins ever invented in the history of digital currencies. 

It's the top leading coin and most profitable to make one rich more than expectations. It's an assets that you can personally trade at any moment no taxes and government regulations.

[Ludmila Castro 1153]

Excellent informative post there is very good information that I did not know. It's always good to know where things come from, to know a little more history. I personally think that Bitcoin is the best currency by far it has many advantages

[MonaAhmad 146]

Thank you, dear friend, for this detailed explanation about this coin, that I really now have good knowledge of this currency

[Oceey 117]

Yeah, this is a very good question friend but I don't have idea on it, I want someone should guide me through so that me too can get experience in it and if I could, I will make sure it teach to the new members, so that they can get knowledge in it too

[Brandonsaw 1973]

Bitcoin is the mother of all cryptocurrencies, mainly altacoins and bitcoin will always be digital, never physical and its price varies since that depends on the demand it has since that gives the price to bitcoin as it can rise a lot in price and how it can  To go down a lot in price and those price rises and falls we can use to our benefit such as buying cheap and then going down expensive and making good money quickly.

[Duddi01 401]

Dear mate your information is very true and I do not know much about it but I think that Bitcoin is a digital currency and it is a very high currency and now it's very popular in all over the world because it's price becomes high.

[Mhdnaj 6]

Thank you very much for your help to learn more about the Bitcoin and how that work in digital platform. So i can share this ideas to my other friends so I can get them to this platform with this type of technical talks.

[Enasalshrbaji20 516]

Very useful information, especially for beginners ... Bitcoin has started to gain wide popularity, I think that in the near future it will have a bright future ... But why is the founder of Bitcoin still anonymous ?! .. Will this affect the currency and its investment?

[Amelia1971 1338]

Your publication is very good and your explanation is more than clear, for beginners if they read this they would understand a lot of things and would not make so many mistakes. I wish you that your publication can be read by everyone because it is very useful and successful. I hope we all had the practicality that you have when explaining thank you.

[Reta 1285]

I congratulate you, my dear, for this beautiful post. Yes, Bitcoin is one of the oldest and most famous digital currencies in the world of cryptography and the most popular and traded .. We have to study the history of Bitcoin and how to deal and trade with it in addition to studying international incidents on the global financial system and thus we must gain good experience in how to trade it .. and work in this forum It helps us a lot in this range ... I wish you good luck

[Biba24 809]

Yes, we need to know all the details of creating currencies so that we can understand them well, and this applies to all areas, because knowledge helps us overcome all the obstacles that may face us.

[Arim1111 1095]

I think you gave us a comprehensive definition of the history of Bitcoin and about Nakamoto, the person who discovered this currency, and how this currency was able to cross borders and facilitate transactions at the lowest cost, I have explained in a comprehensive and fun way.

[kamela292 496]

Bitcoin appeared in 2009 and the price of one piece at that time was 0.001 US dollars. It is a cryptocurrency and is dealt with electronically because it has no physical presence. It follows a decentralized system, meaning it does not need a third intermediary to deal with it.  It rises every day and today it has reached more than 60 USD. You can also trade and invest in it and make huge gains that you can build your future from.

[Jasmin123 698]

On 10/5/2020 at 8:53 PM, anamatrix25 said:

Bitcoin definition

Bitcoin (BTC) is a digital currency, which is used and distributed electronically.

Bitcoin is a decentralised peer-to-peer network. No single institution or person controls it.

Bitcoins can’t be printed and their amount is very limited – only 21 mln Bitcoins can ever be created.

Who created Bitcoin?
Bitcoin was first introduced as an open-source software by an anonymous programmer, or a group of programmers, under the alias Satoshi Nakamoto in 2009. There has been a lot of rumours about the real identity of BTC’s creator, however all of the people mentioned in those rumours have publicly denied being Nakamoto.

Nakamoto himself once claimed to be a 37-year-old male living in Japan. However, because of his perfect English and his software not being labeled in Japanese, there are reasonable doubts about this. Around mid-2010, Nakamoto moved on to other things, leaving Bitcoin in the hands of a few prominent members of the BTC community. Also Satoshi named Gavin Andresen a lead developer.

It has been estimated that Nakamoto owns around one mln Bitcoins, which amounts to approximately $3.6 bln as of September 2017.

Who controls Bitcoin?
According to Gavin Andresen, the very first thing he focused on after Nakamoto moved on from the project was further decentralisation. Andersen wanted Bitcoin to continue its existence autonomously, even if he would ‘get hit by a bus’.

For a lot of people, the main advantage of Bitcoin is its independence from world governments, banks and corporations. Not one authority can interfere into BTC transactions, impose transaction fees or take people’s money away. Moreover, the Bitcoin movement is extremely transparent - every single transaction is being stored in a massive distributed public ledger called the Blockchain.

Essentially, while Bitcoin is not being controlled as a network, it gives its users total control over their finances.

How does Bitcoin work?

A user sees only amount of Bitcoins on his or her wallet and and transaction results.

Behind the scenes, the Bitcoin network is sharing a public ledger called the "block chain". This ledger contains every transaction ever processed. Digital records of transactions are combined into "blocks".

If someone try to change just one letter or number in a block of transactions, it will also affect all of the following blocks. Due to it being a public ledger, the mistake or fraud attempt can be easily spotted and corrected by anyone.

User's wallet can verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses.

Because of the verification process and depending on the trading platform, it may take a few minutes for a BTC transaction to be completed. The Bitcoin protocol is designed so that each block takes about 10 minutes to mine.

Scheme How does Bitcoin work, Bitcoin transaction

Characteristics of Bitcoin
Decentralised
One of Satoshi Nakamoto’s main objectives when creating Bitcoin was the network’s independence from any governing authorities. It is designed so that every person, business, as well as every machine involved in mining and transaction verification, becomes part of a vast network. Moreover, even if some part of the network goes down, the money will keep moving.

Anonymous
These days banks know virtually everything about their clients: credit history, addresses, phone numbers, spending habits and so on. It is all very different with Bitcoin, as the wallet doesn’t have to be linked to any personally identifying information. And while some people just simply don’t want their finances to be governed and tracked by any kind of an authority, others might argue that drug trade, terrorism and other illegal and dangerous activities will thrive in this relative anonymity.

Transparent
The anonymity of Bitcoin is only relative, as every single BTC transaction that ever happened is stored in the Blockchain. In theory, If your wallet address was publicly used, anyone can tell how much money is in it by carefully studying the blockchain ledger. However, tracing a particular Bitcoin address to a person is still nearly impossible.

Those who wish to stay anonymous with their transactions can take measures to stay under the radar. There are certain types of wallets that prioritise opaqueness and security, but the simplest measure would be to use multiple addresses and not transfer massive amounts of money to a single wallet.

Fast
The Bitcoin network processes payments almost instantaneously, it normally takes just a few minutes for someone on the other side of the world to receive the money, while normal bank transfers can take several days.

Non-repudiable
Once you send your Bitcoins to someone, there is no way of getting them back, unless the recipient would want to send them back to you. This ensures the reception of a payment, meaning that whoever you’re trading with can’t scam you by claiming that they nev

Thank you for sharing this only useful information it's very beneficial for all the members we all know cryptocurrencies unstable currency and when we look upon cryptocurrency almost people prefer Bitcoin because its most valuable cryptocurrency and we can hold it and get profit many people also using it for trading and marketing.

[Mohammad77 656]

This post is very useful and valuable because it contains many important information related to the history of the most famous digital currency, which is Bitcoin, and this information benefits all people on this forum.

[mgdmohammad49 14]

Many people are attracted to Bitcoin because of its independence and concealment of identity. However, its ease of use, speed and price are not as attractive as users desire. The most important advantage of using Bitcoin for payment is that there is no need for a middleman to complete transactions. Despite this, the speed and cost of some operations is a negative aspect when using Pros - Payments can be completed around the clock, seven days a week all over the world, even in the absence of banking systems - International payments using Bitcoin are faster and cheaper than traditional bank payments. Traditional digital money - from purchasing a desktop computer, a mobile device, or a credit card. - Bitcoin also has valuable features in business, such as: multi-signature authorizations and accounting transparency. Multiple signatures allow more than one person to sign to allow a specific payment to be sent, which increases Security. The nature of the blockchain - where all operations are generally stored - increases the transparency of business. Its value in 2017 reached $ 19,000 or more. Ricky recently reached $ 40,000 USD

[Ses93 1624]

Thanks for this detailed explanation of everything related to Bitcoin, as it is the first cryptocurrency that was used in the crypto world, and the demand for it is greatly increasing, and this is what makes its price very high.

[Harry Potter 870]

dear friend your information is very valuable for me I just know about the cryptocurrency that digital currency and the value of cryptocurrencies I'll increase in these days but now your information is very useful for me thanks a lot for sharing these kind of information we are beginner and we need extra people here

[Ramossss 963]

What wonderful and valuable information you have about Bitcoin, and for me I know that it is a digital currency created in 2009 by a Japanese person whose goal was to help people shorten the time and effort in conducting their financial transactions, and as for the price of Bitcoin, it is constantly rising and the currency has become widespread in The world is big.

[Noyonyt 378]

Bitcoin is a digital currency. "Bitcoin" was invented in 2009, when it was created by So To Shi Nakamoto, who made it only for shopping on the Internet. Its importance and use continues to grow day by day.