What is Bitcoin?
If you’re here, you’ve heard of Bitcoin. It has been one of the most frequent news headlines over the last year or so – as a get-rich-quick scheme, the end of finance, the birth of a truly international currency, the world As the end of, or as a technology that has improved. World. But what is Bitcoin?
In short, you could say that Bitcoin is the first decentralized money system used for online transactions, but it might be useful to dig a little deeper.
We all know, in general, what ‘money’ is and what it is used for. The most important problem that was seen in the use of money before Bitcoin had to do with its centralization and control by a single institution – the central banking system. Bitcoin was invented in 2008/2009 by an unknown creator working under the pseudonym ‘Satoshi Nakamoto’ to decentralize money globally. The idea is that currency can be traded across international lines without hassle or fees,…