Navasu Investing in Cryptocurrency
What Is
Bitcoin?
WHAT IS BITCOIN?
Launched in January 2009, Bitcoin is a decentralized digital currency. The concept for Bitcoin was first set out in a white paper by the pseudonymous Satoshi Nakamoto, whose true identity remains a mystery today. While little is known about the person or people who created the technology, Bitcoin has undeniably established itself at the forefront of the digital currency market, luring new investors with the promise of lower transaction fees compared with other online payment mechanisms. Unlike government-issued currencies, Bitcoin operates via a decentralized authority. Secured by cryptography, Bitcoin does not use physical coins. Instead, balances are kept on a public ledger. Although everyone has transparent access to this ledger, individual records are encrypted. Bitcoin transactions are verified by a computer process known as ‘mining’. Although many countries around the world do not recognize Bitcoin as legal tender, Bitcoin has grown to become extremely popular over the course of the last decade. Since its release, numerous other cryptocurrencies have been developed, which are collectively termed ‘altcoins’.
The world’s first virtual currency to garner widespread popularity and success, Bitcoin’s code runs on a collection of computers known as ‘miners’ or ‘nodes’ which all store its blockchain.
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