Author Topic: What is Bitcoin Cryptocurrency  (Read 349 times)

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Offline alamin

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What is Bitcoin Cryptocurrency
« on: December 10, 2016, 05:00:59 PM »
What is Bitcoin Cryptocurrency

Bitcoin Cryptocurrency is a virtual money or currency, created and held electronically. Even though the creator of Bitcoin is well known yet, nobody controls it. Despite its monetary value, Bitcoin can’t be held in the hands like other currencies such as Canadian Loonie or an American Silver dollar nor can you put a paper bill worth a certain number of Bitcoins in your wallet.  It’s purely digital currency produced by humans and businesses globally through computers operations and software program that solves mathematical issues.

Bitcoin is an innovative payment network and a new kind of money that encourages fast peer-to-peer transactions worldwide, with very low processing fees. It operates with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system……. You are not allowed to view links. Register or Login

Bitcoin Cryptocurrency is one of the greatest discoveries of this century that is still a mystery to the world banking and financial system. Many people have their own way of defining this miracle currency. Some call it the currency of the internet, while others call it a rare treasure. I personally call it “The People’s Money”.

Who Created Bitcoin

Bitcoin was invented by Satoshi Nakamoto, who published the invention on 31 October 2008 in a research paper called “Bitcoin: A Peer-to-Peer Electronic Cash System” It was implemented as open source code and released on 3 January 2009. Bitcoin is often called the first cryptocurrency although prior systems existed.

Bitcoin is more correctly described as the first decentralized digital currency. One of the first supporters, adopters, contributor to bitcoin and receiver of the first bitcoin transaction was programmer Hal Finney. Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world’s first bitcoin transaction. Other early supporters were Wei Dai, creator of bitcoin predecessor b-money, and Nick Szabo, creator of bitcoin predecessor bit gold…… You are not allowed to view links. Register or Login
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« Last Edit: January 05, 2017, 08:57:08 PM by alamin »