What is Bitcoin and what is not? What will be changed with Bitcoin? Below is the simple yet in-depth information on your questions about Bitcoin.
What is Bitcoin?
Bitcoin is an encrypted digital cryptocurrency which was found by Satoshi Nakamoto on 3 January 2009. The most significant feature of Bitcoin is a decentralised currency which is not controlled by any central bank, government or regulatory bodies.
This means that Bitcoin is not affected by any of the government crisis or economic fluctuations. Because it is wholly based on Blockchain technology.
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And what is not?
For the people who are not aware of the topic, Bitcoin is not a “pyramid scheme“. It is only a digital platform which is based on Blockchain technology.
Bitcoin can be mined up to 21 million units!
The maximum mining amount of Bitcoin was limited by 21 million units by the founder of it. In other words, it will not be mined after reaching to the maximum level.
What will be changed with Bitcoins?
What is Bitcoin, the pioneer of cryptocurrencies which works on Blockchain technology? Primarily, Blockchain technology has got the power of revolutionising the dreaming areas. You can transfer money from one account to another with rapid speed and little costs. Today, it is highly costly to send money from New Zealand to any part of Europe.
Additionally, the transfer process will take many days. Via Bitcoin, transfers can be realised rapidly and at lowest cost levels. Also, people can protect their savings against economic fluctuations and crisis. Due to hyper-inflation which reached 800%, Venezuelans invest their money to Bitcoin rather than their national currency.
Will Bitcoin replace the traditional (FIAT) money?
Most commonly asked question about Bitcoin is “Will it completely replaces old-fashioned (printed) money or not?” Truth to be told, Bitcoin has got the enormous potential of realising this transformation.
Recently, everything is converting to its cyber forms. So why not traditional money will also be turned to digital money? Bitcoıin which is accepted as the most valuable and well-known cryptocurrency will most probably replace the classic FIAT money.
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Why do we need Bitcoins?
The crucial need for Bitcoin and other altcoins has aroused after the US mortgage crisis in 2008. It is notable that the foundation year of Bitcoin was 2009 just after the crisis which affected not only the USA but all of the world. Due to this, it is imperative for people to isolate their money from the controls of government authorities and centralised institutions.
How can we purchase Bitcoin?
There are various alternatives to buy Bitcoins. You may get them from the crypto exchange sites which are available on the internet. Please kindly be adviced that if you are not entirely familiar with the Bitcoin or the other altcoins, never buy them.