Bitcoin is a cryptocurrency, or a digital currency, that uses rules of cryptography for regulation and generation of units of currency. Bitcoin falls under the scope of cryptocurrency and was the first and most valuable among them. It is commonly called a decentralised digital currency.
Bitcoin was invented by Satoshi Nakamoto in 2009.
Bitcoin, the decentralized network, allows users to transact directly, peer to peer, without a middle man to manage the exchange of funds.
The digital asset, bitcoin, is used like other assets in exchange for goods and services. Unlike traditional currencies and assets, bitcoin is easily portable, divisible, and irreversible.
Bitcoin increases system efficiency and enables the provision of financial services at a drastically lower cost, giving users more power and freedom.
Why should I use it?
There are many reasons to start using bitcoin. Here are a few of our favorites:
Bitcoin was named the top performing currency four of the last five years
As a global currency you can send bitcoin to anyone, anywhere in the world without worrying about cross border remittance fees
Keeping your bitcoin safe in a non-custodial wallet (like Blockchain’s) means there is no entity that can lock you out of your funds
It’s globally inclusive — bitcoin is enabling millions across the globe to transact, save, and hedge their way to a better financial future
How Bitcoin works?
Many of Bitcoin Expert explains, Bitcoins are completely virtual coins designed to be ‘self-contained’ for their value, with no need for banks to move and store the money.
Once you own bitcoins, they possess value and trade just as if they were nuggets of gold in your pocket. You can use your bitcoins to purchase goods and services online, or you can tuck them away and hope that their value increases over the years.