What is Bitcoin?
Bitcoin has been the most popular
currency ever in the history of cryptocurrencies. It is a digital or virtual currency that was launched in January 2009. Bitcoin was started by a group of unknown people who gave their identity as Satoshi Nakamoto. Thus Bitcoin has launched anonymously. Bitcoin provides cheaper transaction expense as compared to the traditional online payment systems we use today. It is a decentralized form of making transactions which are free from any single entity. In this latest bitcoin guide, we will provide some insights for bitcoin dummies.
In the year 2017, Bitcoin cash value rose with more than 1300%, from $1,000 at the beginning and ending to $19,000 within a single year. Recently, the cost of the cryptocurrency has gone down. In 2019, Bitcoin is in the price range between $8,000 to $ 10,000. Its price is dependant on its network size.
Why Is Bitcoin Important?
Bitcoin is essential to know due to several reasons. According to the latest bitcoin guide, there are five reasons to understand why bitcoin is outstanding.
1 Bitcoin is growing constantly
Due to the rise in this cryptocurrency, there has been an increase in Bitcoin’s
market capitalization. Investing in the early days since the launch will give you immense profit in the long term as its demand is increasing and supply is limited, which may result in a profit five times on your initial investment.
The main feature of Bitcoin is that its underlying technology, blockchain, does not depend on any central entity. In Bitcoin, you have full control over your funds, and there are no restrictions by the banks or any other financial institutions.
3 A perfect payment option
Online payment system like credit cards is not so much secure as our private information can easily be hacked. Bitcoin, being decentralized, allows you to send money in the Bitcoin address and you are done. Charge-back is a Bitcoin transaction is not possible as in the Credit card transactions, which is a more secure way of transactions as the chances of being hacked by the third party is eliminated.
4 It is Pseudo-anonymous
Bitcoin provides no possible link to your address (your pseudonym) to your identity as it contains information that is not private about you. Bitcoin is not entirely anonymous since blockchain saves every transaction, which makes it easier to track and address.
In this latest bitcoin guide, we have seen that since due to the popularity of Bitcoin, the investment in this cryptocurrency has also increased drastically. There is also a lot of Bitcoin educational news, giving the latest information about Bitcoin. It was introduced by an anonymous group using the name Satoshi Nakamoto, and since then it has become the most popular cryptocurrency with the largest market capitalization.
Bitcoin is also important to be known in the future because it has the potential to change some of the core industries like healthcare, law firms, banks etc. by making their business processes more secure.