Bitcoin is a cryptocurrency used in worldwide payment system. It was invented in 2009 by a person (or group) who called himself Satoshi Nakamoto.
Bitcoins can be easily used to buy merchandise anonymously. Because bitcoins are not tied to any country or subject to regulation, International payments are super easy and cheap. On the other hands some people buy bitcoins as an investment.
So, in short it is a digital currency which is not tied to third parties like banks and governments.
The identity of the creator Satoshi Nakamoto is still unknown.
Who is he? The creator would have an estimated fortune of $ 17 billion at today’s Bitcoin price. The shadowy inventor still remains a mystery.
Five top points and facts about bitcoins that every investor needs to know:
1. Bitcoin transaction is irreversible. That means if bitcoins are sent, it is impossible to get them back, even if the transaction later proves to be fraudulent.
2. It is completely virtual coin designed to be ‘self-contained’ for its value, with no need for banks to move and store the money.
3. Bitcoins can be used to purchase goods and services online. You can also save them for future in the hope that their value might increases over the years.
4. These are traded from one’s ‘wallet’ to another. Wallet refers to a small personal database that a person stores on his computer drive, smartphone, tablet, or somewhere in the cloud.
5. The names of buyers and sellers are never revealed and kept secret – only their wallet IDs are revealed.
Watch Video: Bitcoin For Beginners – Learn How To Mine Bitcoin ! – Part 1
How safe is bitcoin for future?