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14 things you need to know about Bitcoin

14 things you need to know about Bitcoin
14 things you need to know about Bitcoin

What is Cryptocurrency?
Nowadays, Cryptocurrencies become the most popular and most important global phenomenon. Not only banks, government, and companies are aware of it, but also many ordinary individuals know well about it. The Bitcoin developer named as “Satoshi Nakamoto” invented a unique kind of Cryptocurrency.

What’s the “Bitcoin”?
In an announcement that solely belongs to “Satoshi Nakamoto”, he said that I developed: “Bitcoin is a Peer-to-Peer Electronic Cash System”. His only goal was to invent something unique that other people failed to invent. Bitcoin is actually a “new electronic Peer-to-Peer cash system that is used to prevent double-spending. It is completely decentralized with no server or central authority.”

Things you need to know about Bitcoin

  • Origin/Birth of Bitcoin
    The Bitcoin was originated from the past few years since 2008. The owner “Satoshi Nakamoto” published this concept of introducing the Bitcoin. It was published than in 2009 as a listed item of Cryptocurrency mailing list. The owner of Bitcoin left the Bitcoin’s project and got vanished, but his team didn’t give up and introduced Bitcoin on January, 3.
  • First Transaction by Bitcoin
    The first Bitcoin transaction was done by Laszlo Hanyecz who successfully transacted for about 10,000 Bitcoins for pizza. That was the most expensive pizza because 10,000 Bitcoins were worth more than about $99 million.
  • Bitcoin Accepted Here
    Maybe you are not aware of that, but many stores are now going to accept the Bitcoin currency. The largest business stores like Expedia, Newegg and Overstock.com are now accepting Bitcoins to buy stuff.
  • Largest holders of Bitcoins
    S government is counted as the largest holder of Bitcoin and Bitcoin IRA. The government got hold over about 144,000 Bitcoins. They have been making huge investments by bidding on government.
  • Core Benefits
    The most accomplished benefit of Bitcoins is that it is trustless. You are not supposed to depend on any entity like a government or any bank authority. Just follow the rules and regulations.
  • Not a registered Asset
    Bitcoin is not included in any registered assets and just attached to an ID or serial number. According to security purposes, it is protected with a password.
  • High Demand
    Cryptocurrency is getting higher in demand by big businessmen and entrepreneurs. There is a possibility of a potential increase in future market of Cryptocurrency but there is also a high chance of crash in the market.
  • Regulations and continuity of Bitcoin
    There are numerous brilliant individuals dealing with Bitcoin-related new companies and advancements, and building new developments in the piece-chain innovation
  • Fast and Flexible
    Many banks will charge you some amount to transfer money from one account to another account, Bitcoin transaction will charge you no money and you can transfer money from one account to another account in no time and free of cost.
  • Long way to go
    Bitcoin and Bitcoin IRA has a long way to go and increase its value among merchants. Merchants are now learning the concept and use of this newly invent technology.
  • Third-Party Exchange
    Many merchants who are accepting Bitcoin but don’t get their Bitcoins deposited in their account, for this they are using third-party exchange services to immediately exchange/convert the Bitcoins currency.
  • High-tech is a risk
    the shortfall in broad daylight mindfulness has prompted a lot of bad conduct, including deceitful trades that take your cash and never issue any Bitcoin consequently.
  • E-commerce and Search engines sites are enhancing payment options
    possibly locales/websites like eBay, Kindle, Google and Amazon know contingent upon what payments options and administrations you utilize and what you are purchasing.
  • Paper Money will vanish
    Gold and silver are rare. It’s difficult to mine them. Be that as it may, it’s difficult to manufacture them since you can quantify by weight.

 

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Maria Zahid

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