What is Bitcoin? A Guide for Beginners

what is bitcoinYou might have likely heard of Bitcoin and cryptocurrency, and then your mind gone mad into thinking what is it and how does it works and what the heck is it all about. For those that think Bitcoin is a fake money or currency then they should bear in mind that you could purchase or sell a Bitcoin with Canadian and American Dollars. It is not controlled by any government, but still, it earned great respect and faith in economic markets across the globe.

What is Bitcoin then?

Since the invention of the ideology called Bitcoin the virtual currency a.k.a cryptocurrency, it’s gone viral literally than what the experts expectations. You will find world famed brands that cope inside this currency or promote the usage of the same in a bigger scale. However, countries like China and Russia are attempting to impose a comprehensive ban on the usage of this sort of virtual money. This scenario also makes it diverse and curious for your readers to obtain an answer to the question what’s Bitcoin? Brands such as REEDs Jewelry, US, privatized hospitals in Poland as well as the Billionaire industry moguls such as Microsoft, Dell, Expedia and PayPal, they publicly support and voluntarily transact with this powerful currency.

This platform comes alongside news publication like Bitcoin Magazine which cover the essential information like cost index, exchange rates, forums etc. Just what exactly is the fuss who created a war on its own acceptance and declination in operating such systems? This entire scenario is a bit perplexing yet out from the regular and on the other hand. As per also the bygone times, The Wall Street indicted almost all the big banks for misusing the use of the clients money, deceiving their clients, chaining also the system and charging also all the pointless fees. Here, the need aroused to track down the corruption, terminating also the middleman, revoking the rates of interest and making all the financial transactions transparent.

The mastermind/s behind the Bitcoin which created such decentralized system to control and manage your funds and even more important to know exactly just what is going on with your transactions is Satoshi Nakamoto. Furthermore, there are these problems in which Bitcoin faces which includes possible hacking of the accounts, unmanaged stability and also the delay in important transactions. Digging about what’s bitcoin, it’s now been shown to be a much better system for the processing and transaction of your financial needs.

Complete details about What is Bitcoin?

In the year 2008 and on the eighteenth of August the Bitcoin.org was successfully registered. Following that November, Satoshi Nakamoto published a whitepaper link with title name as Bitcoin: A Peer-to Peer electronic cash System. Satoshi introduced the Bitcoin system in January 2009 as an open source code and surprisingly the founder/s identity is still unknown in the records. During this time Satoshi also successfully mined the first ever block in the blockchain which is notoriously known as the Genesis block using a reward of 50 Bitcoins. Hal Finney a developer who downloaded the software on its release date and gained 10 bitcoins from this system.