What hits your mind when you hear or read something about Bitcoin? Some people think this virtual currency is a speculative bubble, a shady payment method, or the financial future.
But Bitcoin is modern, decentralized virtual cash that allows people to transfer funds without intermediaries like governments and banks. Instead, this payment method uses a peer-to-peer digital network to confirm transfers between users directly.
Governments issue, regulate, and back fiat money like the U.S dollar. However, peer-to-peer technology powers Bitcoin. This technology provides a network of computers or individuals and software-driven cryptography. This network creates a digital currency with a code backing it instead of physical value items like silver and gold. Essentially, Bitcoin users don’t rely on trust in authorities like fiat currency users.
Satoshi Nakamoto, an individual or a group, launched Bitcoin in 2009. Most people consider Bitcoin the first successful…
Source: Guardian Newspaper