What is Bitcoin?
What is Bitcoin?
Bitcoin is an internet money that exist only in the internet. Bitcoin is not a paper money like Dollars, Euros, Ghana Cedis, etc which exist in a paper form.
Bitcoin is completely decentralized currency (money), meaning, there is no central Bank or authority its existence in the world or its value and usage.
The total amount of Bitcoins is cap at 21 million to ever exist in the world.
Who created Bitcoin?
Bitcoin was created in 2008 by unknown person or group with the name Satoshi Nakamoto. It was officially launched in January 2009 and was introduce as an open source software. Since the launched of Bitcoin up to date no one knows Satoshi Nakamoto whereabout. Several attempts has been made to find out who Satoshi is but have failed. We will discuss more about it later.
Who controls Bitcoin?
Central Banks due print and regulate the supply of moneis they print or mint. For instance, the Reserve Bank of America due mint or regulate the supply of dollars in the world and also try to raise its value. But with Bitcoin that is not the case.
No one controls Bitcoin period. It's rather controlled by the people using it. So that's why Bitcoin is called "The money of the people". It's the people who determine the price and value of Bitcoin, not government or central Bank.
Bitcoin is a peer-to-peer network with no central authority control. Transactions takes place between users directly, without an intermediary. These transactions are verified by network nodes know as 'miners' and recorded in a public distributed ledger called 'Blockchain'.
To be continue.
thank you for following me in advance. i will upvote and comment on your every post if you do the same we both are new on steemit.if it works for you let me know just reply this post
Yeah it's a cool deal. I will do that, so that we can all succeed in this steemit community.
but for that to work we both have to share post url. to create a small community in the steemti itself .so if we both doing this.Then create a account on steemit chat with a same username . i am on it with username @mangoboy. And share
Your post url.( steemit chat on right side click on the the lines)