Bitcoin is a new payment network and a new kind of digital money
The creator of Bitcoin describes Bitcoin in their white paper as a new kind of peer-to-peer digital cash. This new kind of digital money is enabled by blockchain technology with the Bitcoin blockchain network.
it is worth noting that Bitcoin as a digital currency is different from Bitcoin blockchain- on which the blockchain the Bitcoin currency was created and has been running.
Main features of Bitcoin
There are features of Bitcoin that make it different from other kinds of currencies.
- Bitcoin is a peer-to-peer decentralized currency. What is a peer-to-peer decentralized currency? Bitcoin does not need any financial company or organization to run and maintain it. Bitcoin holders can exchange Bitcoin between themselves without a third party using Bitcoin wallets.
- Unlike normal currencies that can be printed unlimitedly, Bitcoin has a limited supply of ₿21,000,000 In fact, the total Bitcoin available is even less than the ₿21,000,000 since many Bitcoins have been lost.
- Bitcoin transactions are transparent. Bitcoin transactions are available in Bitcoin network. Anyone can see them.
- Bitcoin is anonymous. Although all the transactions are transparent in the Bitcoin network, it is not simple to identify the users behind Bitcoin since the transactions are anonymous. However, with the increasing regulatory requirements, many Bitcoin and cryptocurrency exchange services require that the user confirm their KYC before they can transact, KYC requirements are also necessary for exchanging Bitcoin to fiat currencies.
A brief history of Bitcoin
Bitcoin white paper was released
Bitcoin network was launched
The first Bitcoin exchange- Bitcoin market went live
The first commercial transaction of Bitcoin. A pizza was bought for ₿10,000
Bitcoin was worth 1 $US