What is Bitcoin? Why is it becoming so popular?
Cryptocurrency is a type of digital asset designed to act as a medium of exchange. It uses cryptography to control the creation of additional units and verify the transfer of assets and secure transactions. Cryptocurrency is also known as digital currency, alternative currency or virtual currency.The cryptocurrency system operates under decentralized control which opposes the central banking system and the centralized electronic money system. Decentralized control of each cryptocurrency works through a blockchain. It is a public transaction database that serves as a distribution sector. Bitcoin is currently the most widely used and popular cryptocurrency. There are also cryptocurrencies like Ethereum, Lightcoin, Dash etc. in the market which are popular.
★What is Bitcoin?
Bitcoin is currently the most popular and used digital currency in the cryptocurrency world, known as the medium of global transactions. Bitcoin is the first of the decentralized digital currencies because it is the first to operate without a central bank or a single administrator. The Bitcoin network is a universal process that takes place directly between users without any intermediate means.
Bitcoin is discovered by an unknown person or group of individuals. The discoverer was named Satoshi Nakamoto. It was released in the open market in 2009. Bitcoin is created through the mining process. It is currently used for exchanging currency, goods and services.According to 2015 statistics, more than 1 lakh traders and sellers have accepted Bitcoin as a means of payment. A 2016 Cambridge University study on Bitcoin found that between 2.9 million and 5.6 million people used cryptocurrency wallets, with most users using Bitcoin.
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★Why is Bitcoin so popular?
When it was discovered in 2009, its popularity was unimaginable. According to an interesting fact, if you had invested only ১০ 100 in Bitcoin in 2009, the value of that investment would now be around 3-4 million.This means that the value and popularity of Bitcoin in the world of cryptocurrency is infinite. At the current market price, the value of 1 bitcoin is around 7 lakh 8 thousand 5 hundred rupees. Today we will discuss why Bitcoin is so popular.