Technological advancements have affected many aspects of life. In the past, the only valuable commodities are gold, silver, and wheat. Today, there is a thing called bitcoin, a new trend in investments and currency.
Stockmarket.london and other reliable online resources share some facts and updates about this popular trend.
What Is a Bitcoin?
Recent news reveals that bitcoin has gained tremendous value. In fact, it is now twice as valuable as gold. Bitcoin is a form of digital currency, created and traded electronically.
No one can control bitcoins and they are not even printed like paper bills. Dubbed as the “Internet of money”, Bitcoin is different from any currencies in the world.
Benefits of Bitcoins
Bitcoins are not like government issued money that can be inflated at will. Bitcoins are limited to just 21 million and that will never change. They are also impossible to counterfeit. You can use bitcoins to send and receive money from anyone worldwide. These payments are impossible to block as well.
What Makes a Bitcoin Different From Other Currencies?
As bitcoins are made and traded electronically, it is not like traditional money such as yen, pounds, and dollars. But it is decentralised, meaning no single institution controls the network of bitcoins. People with bitcoins may have the peace of mind they wanted because no big company is controlling the currency.
Who Invented It?
Satoshi Nakamoto, a software developer, proposed bitcoins. It is an electronic payment system based on mathematical proof. He wanted to have a currency that is free from central authority, can be transferred electronically, and has low transaction fees.
Bitcoins may seem impossible to have when it was first introduced, but it has gained tremendous popularity among individuals across the globe. Today, it is one of the most common ways to shop, pay, and transfer money digitally. It is an easier way to bridge gaps between currencies around the world and it is not controlled by anyone.