The who and why of bitcoin is a hot topic.
Some people think it's the next big thing while others are skeptical about its value.
In this article, we will explore who created bitcoin and why they created it as well as how to buy bitcoins, where you can spend them and more!
What is Bitcoin?
Bitcoin is a decentralized virtual currency that was invented by Satoshi Nakamoto.
It's an open-source system based on mathematics and cryptography.
Bitcoin can be used as a medium of exchange without the need for centralized third-party institutions like banks or financial intermediaries who clear transactions through digital signatures, in contrast to physical money.
Bitcoins are not printed but produced by computer code and can be traded for goods or services with anyone who is willing to accept them.
Who Created Bitcoin?
Bitcoin was invented in 2008 by an unknown person who used the pseudonym Satoshi Nakamoto, who elaborated on it through 2008-2010 leading up to a white paper that would become its formal documentation which he also released as open-source.
The true identity of Nakamoto has become a mystery and because there is little to no hard evidence of who or what actually created the cryptocurrency, it's believed that Nakamoto could be just one person who had a great influence on bitcoin.
Ultimately, bitcoin has been the brainchild of many who contributed to its development over the years.
Why Was Bitcoin Created?
Bitcoin is a global currency that can be used for transactions without banking institutions or central governments.
It's a type of digital cash which means that it does not require physical tokens to function and can instead use codes such as passwords and ID codes.
Bitcoin has the ability to cut out intermediaries who can charge high transaction fees and who often also slow down transactions with their verification processes.
These intermediaries are usually banks who may charge high fees for transferring money and who also slow down the process of getting funds to their final destination.
Bitcoin's decentralized nature means that it is not controlled by a central government that is susceptible to things such as inflation.
This means the value of bitcoin is not subject to the government who may print more money or tighten monetary policies which would devalue a currency.
Bitcoin also has an inherent privacy feature which means that transactions are not easily tracked by other parties who may use this information for nefarious purposes.
Why Should You Care About Bitcoin?
Bitcoin is an attractive investment opportunity due to its limited supply, as well as the fact that it has increased in value over time making those who invested early enough much richer than if they had invested in an asset of comparable return.
It has also seen widespread adoption throughout the globe, as it can be used to buy products and services from almost any country with a mobile device or internet connection.
It's also attractive because you can transfer Bitcoins anywhere around the world without worrying about exchange rates or bank fees since Bitcoin transactions are fast and have low fees.
Bitcoin also offers huge potential returns for investors who are able to capitalize on the cryptocurrency's growth.
Ultimately, bitcoin is a new type of investment that could make you a lot of money if it continues to grow in popularity and adoption.
How Do You Get Bitcoin?
One of the most popular ways of getting bitcoin is by mining it. Bitcoin mining is the process of using sophisticated computers to authenticate bitcoin transactions and maintain all bitcoin records.
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It's a complicated process that requires specialized hardware and a lot of computational power to carry out transactions and to prevent fraudulent bitcoin activity.
Another way is to simply buy it with real cash on an exchange such as Coinbase.
Bitcoin can be bought with a credit card or debit card on exchanges like Coinbase who make it easy to convert your fiat currency into bitcoin.
You can also accept bitcoin as payment for goods or services you provide as a business which can be particularly attractive for online businesses who don't have to worry about chargebacks.
You can also easily trade your bitcoin in for a fiat currency by using an exchange that offers these services.
Where Can You Spend Your Bitcoin?
Bitcoin has been adopted by various merchants who accept bitcoins as a form of payment including Microsoft, Dell, Expedia, Dish Network Corporation, and Newegg Inc.
You can also use it to buy things on other platforms like Namecheap or Purse who will give you a discount for using Bitcoin.
Bitcoin is a global currency which means that it can be used to buy things from almost any country.
The most popular cryptocurrency has also been adopted by various platforms that offer their users the ability to spend bitcoin on a wide range of products and services.
The most popular way is to spend bitcoin on various types of online gambling sites that accept cryptocurrency as a form of payment.
Conclusion
Bitcoin is a digital currency invented in 2009 by an anonymous person or group of people under the name Satoshi Nakamoto.
The idea was to create a type of money that would not be subject to government regulation and could act as “electronic gold.” It can also be sent quickly between any two people, anywhere in the world.
Bitcoins are often used for remittances because they eliminate the need to pay transfer fees.
There are now over 5 million bitcoin transactions per day with more than 12 million bitcoins currently in circulation according to one estimate.