Only a small percentage of the population knows what Bitcoin is, and even fewer people are using it. But as Bitcoin use increases, more people want to understand what it is and where its going.
The basics are that in 2009, a mysterious man – or woman? – called Satoshi Nakamoto introduced the unique concept of Bitcoin. The principle behind Bitcoin outlines the idea of digital money, that can be sent individually between users without the intervention of financial institutions. All Bitcoin transactions data is transparent and can be tracked in BlockChain.
You can check out the infographic compiled by the experts from in this infographic to find out more about Bitcoin.
The Bitcoin currency is the first decentralized digital currency, since it is not controlled by any single entity or government. Bitcoins are “mined” into existence through computers, by solving computationally difficult puzzles. A total of 21 billion Bitcoins can ever be mined. The number of Bitcoins mined halves every 4 years. And, after 64 halvings, all 21 billion Bitcoins will be in circulation.
Before Bitcoin came into existence no such concept was known to the world. Ever since its inception, Bitcoin is increasingly being used all over the world. From 2010 to 2017, Bitcoin’s value multiplied by 879,999 times. But since Bitcoin prices are highly volatile, investing in Bitcoin is still considered a risky step.
Nobody knows what the future holds for Bitcoin. Maybe it will outlive the fiat currencies or maybe the bubble of Bitcoin will sooner or later burst for good. Experts are still busy predicting possible outcomes.
Source: Laurie McCabe’s Blog