Bitcoin

Bitcoin is a staggering topic in the financial world where corporations with small. medium and large size of the numbers game wish to leverage to their various advances. What is bitcoin? Lots of folks ask.

Bitcoin is a decentralized cryptocurrency that operates on its own blockchain , a distributed digital ledger that records transactions between parties. It was created in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto. Bitcoin has no central authority governing its supply, transactions or usage, as all transactions are verified by network nodes and recorded on the blockchain.

This anonymous inventor released a digital currency with the potential of changing the way human beings transact value. From; Online Shopping to the least of Bus ticket. In the realm of Bitcoin, everyone is A BOSS.

Users can send and receive bitcoins without the need for intermediaries or third-party service providers. Bitcoin also has a finite supply cap of 21 million bitcoins, which is expected to be reached in the year 2140. Its price is highly volatile and can fluctuate rapidly.

Everyone controls their “Money”. No Central Bank(s) Needed, unlike government issued money that can be inflated at will, the supply of Bitcoin is mathematically limited to twenty one million bitcoins and that can never be changed.

Security of Bitcoin

This Money; sits on your computer, Highly ENCRYPTED and SECURED. Bitcoin can be used anonymously on the TOR Network. No one owns ฿bitcoin, It is owned by its users around the world. If you are a user; you are a shareholder.

Bitcoin is the first decentralized peer-to-peer payment enabling network that is powered by its users with no central authority or middlemen. From a perspective of users, Bitcoin is much of  cash for the Internet world. Bitcoin is also seen as the most prominent triple entry bookkeeping system in the world.

The Ledger and trust

The Bitcoin network shares a public ledger called the “Blockchain“. This ledger contains every transaction ever processed since the inception of the cryptocurrency, allowing a user’s computer to verify the validity of each transaction.

Satoshi Nakamoto upon beginning the Bitcoin project in 2009 via mailing list, left the project in late 2010 without revealing much about himself. The developer community has since grown exponentially with many developers working on the cryptocurrency than ever.

Bitcoin is ridden on the back of a profound technology apart from the product/service technology (Bitcoin), the framework on which bitcoin works; Blockchain technology has become the topic of our world today since the revelation of ฿itcoin, a technology so profound It can be applied to a whole lot of system and more.

The future of money or perhaps; The Internet of Money (IoM) is inevitably nearer than ever. Be ready for it.  Check back soon for Blockchain Technology.

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Last updated on May 5th, 2023