Bitcoin – A Grand Source Of Money

Bitcoin – A Grand Source Of Money

A Bitcoin is a cryptocurrency developed in 2009 by a group of unknown people named “Satoshi Nakamoto.”The identification of the people who created this still cannot be done. “Satoshi Nakamoto” remains a mystery up to date. It is a digital currency that was created when the housing market crashed. It is an online form of cash digital marketing agency malaysia, and it offers lesser transaction fees than the other online payment methods. A decentralized authority does not operate it.   

You cannot touch these coins physically. These are the balances that are kept at a public ledger and are accessible to everyone. Bitcoins are not produced by the government or issued by any banks. The individual bitcoins are not even valuable to the commodity, yet they rank high in popularity charts and have led to the invention of other virtual currencies known as Altcoins. 

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What Is A Blockchain?

Blockchain is known as a collection of blocks in which each block contains a collection of transactions. The computers running the blockchain system consist of the exact list of blocks and transactions and can transparently watch the new blocks filled with the latest Bitcoin transactions. That is why nobody can cheat the system One Search Pro Malaysia. It does not matter if you run a Bitcoin “node” or can perfectly watch the transactions happening live. Bitcoin was calculated to have 47k nodes as of May 2020, and the number keeps rising.

The Bitcoins we see via images in Google are a novelty. They are of no use without the private code printed inside them. Every Bitcoin is a computer file stored in a digital wallet application on a computer or a smartphone. People can exchange Bitcoins with the help of the digital wallet application. Each transaction made is recorded in a list known as the public Blockchain. It is impossible to trace the history of Bitcoins and to avoid people from spending the coins they do not even own and to undo a transaction.  

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Who Is Satoshi And Why Is He Still A Mystery?

Satoshi Nakamoto is the name behind the famous Bitcoin development. This name is a mystery because, since the year 2009 when Bitcoins were invented, no one has seen or heard anything about the Bitcoins’ creator, except for this name. There can be a lot of reasons for “Satoshi Nakamoto” to hide his identity. One of which can be privacy. Bitcoin attained popularity and came out to be a worldwide phenomenon in a really short period. This would attract a lot of media attention to Satoshi, which would concern his privacy. 

Another reason for not revealing his identity could be the potential for Bitcoin to evoke a major disruption to the current banking system. If there ever would be a possibility that Bitcoin could gain mass adoption, the system could exceed the nation’s sovereign fiat currencies. This could threaten the existing currency and motivate the government to take action against its creator. 

Bitcoin is a cluster of computers or nodes that help work on Bitcoin’s code and store them. Just like mentioned above, Bitcoin is an online form of cash. One can buy stuff with these, but its service is limited as many shops do not accept Bitcoin. Many countries have even banned the use of Bitcoin.