Bitcoin is an invention that with its appearance, it allowed a group of software users to create and manage a unique money supply for the first time in the history. This special currency was fully digital and without any physical form and more importantly did not depend on a central authority. Bitcoin was outside the control of any bank, financial institution or government. This revolutionary idea was first introduced in the year 2009 and even until now, it has been one of the most popular currencies in the world. Bitcoin continues to have implications even in 2021 and is only just starting to be understood and explored by economists and other specialists in the field.
What this means is that depending on who you ask about the question, you will most probably get different replies to such questions as “What is Bitcoin?” Or “For what reason do Bitcoins have value?”.
In other words, Bitcoin is a new type of money or currency and an innovative payment network. This open source network uses peer to peer technology in order to manage transactions. Everything on the Bitcoin blockchain is done by all the users collectively and not by any kind of central figure at all. Bitcoin was designed this way to be used publicly and avoid any control which would result in fraud and abuse of the system.
In short, Bitcoin allows for a lot of exciting new uses that had not been achieved by any payment network before the appearance of this revolutionary cryptocurrency. In this category we try to cover everything regarding the number one cryptocurrency in the world and break it down in a way to help both the beginners and advance users so read along.
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