In 2009, a mysterious technology emerged which no one had any idea about. But, although it was very new to the public out there, it had taken a considerable amount of time and research to develop that technology.
As time went by, individuals from different walks of life started becoming fascinated by it. This new technology attracted the attention of technologists, politicians, business owners and even investors. With its mainstream acceptance, it became a commercial product. It had many benefits to offer and soon people started to wonder why weren’t they aware of those benefits and the power of this technology from the beginning.
Today, Bitcoin is a name that at least seven in every ten people know about. It has a lot of mysteries surrounding it and yet people are interested in using it. Bitcoins were the first ever digital currencies, also known as cryptocurrencies. It runs on the Blockchain technology which was initially developed in 2008, but the software was only uploaded in 2009 which makes it the year that witnessed the inception of Bitcoins.
It is believed that bitcoin was developed by someone called Satoshi Nakamoto. But, it is not clear whether Satoshi is a person or a company or a group of people. The only communication the developer had on the internet was in 2010 after which he vanished and till now remains anonymous.
The Blockchain technology is open source which means that it can be used by anyone. When trying to explain the concept, the developer sold bitcoins for few cents and some he also gave away for free. The concept that he created enabled two parties to send and receive payment without paying anything to any third party. There is no commission involved and since the transactions are carried out anonymously, no one can ever know who carried out those transactions.
Another thing is that bitcoin transactions are carried out online and recorded on a public ledger which is known as Blockchain. They are recorded in blocks by miners and whenever a block is added to the chain successfully, the miner gets a small amount of bitcoin as reward. Basically, this is how bitcoins are generated.
Today, there are many things that make bitcoin important. Let’s take a look at the top 6 things.
With so many places around the world where people do not have access to banks and bank accounts, bitcoins make transfer of funds easier. A bitcoin account can be created by anyone who has access to the internet.
Distribution is Controlled
There is a limit on the number of bitcoins that can exist in the world. Unlike paper money that can be faked and multiplied for scandalous reasons, Bitcoin cannot be duplicated for the fact that they are limited in number and controlled.
When you compare the transaction fee, bitcoin transactions attract a lower fee. This is because there is no middleman involved. Bitcoin transactions don’t involve banks or any other financial authorities. On top of that, the service is faster and less complicated when compared to bank transfers.
Perfect Investment Choice
Bitcoins are volatile in nature and their prices keep fluctuating which creates profitable investment opportunities. Bitcoins can be traded using trading systems like Bitcoin Loophole. Such tools are proven to work and they are created by professionals to help investors get access to the latest signals which they can use to place profitable trades.
All the transactions that are carried out using bitcoins are transparent. The records are easily accessible to anyone who wants to see which transactions have occurred in the ledger. The only information that won’t be accessible to the public is the names of the parties that were involved in the transactions. Bitcoins can be trusted and this is why the number of people and companies using its services are increasing on a daily basis.
Bitcoins offer several advantages for businesses. It allows people to buy and sell easily using bitcoins as a source of payment. Today, there are many online merchants that accept Bitcoin as payment. So if you have bitcoins in your wallet, you can always use them instead of cash to buy goods and services online.