9 Amazing Bitcoin Facts That Will Blow Your Mind Like the Genie of Houdini





Bitcoin is a consensus network that enables a new payment system and completely digital money transfer. It’s an open source peer-to-peer electronic money and payment network introduced in 2009 by pseudonymous developer ‘Satoshi Nakamoto’.

Bitcoin uses cryptography to enable transactions hence it’s called a cryptocurrency. Signed payment messages are broadcasted to and verified by a decentralized network of computers daily all over the world.

Double spending is a problem for digital currencies that have been now been avoided with the innovative Blockchain solution undergirding Bitcoin.

Bitcoin made it possible in a very easy way to transfer valuables and it also allows you to be in control of your money.



Facts On Bitcoins


As a new user, you can get started with Bitcoin without understanding the technical details.


• Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more when needed. You can disclose your address to your friends so that they can pay you or vice versa
• The entire Bitcoin network relies on a shared public ledger and all confirmed transactions can be verified to be spending the Bitcoins that are actually owned by the spender
• Bitcoins let you exchange money in a different way than with usual banks
• The price of a Bitcoin can unpredictably increase and decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets
• Any transactions issued with a Bitcoin cannot be reserved they can only be refunded by the person receiving the funds.
• Bitcoin has volatile prices, it is not anonymous, it instant transactions are less secured and also known that Bitcoin is still experimental
• A Bitcoin is a currency object (an entity) which is traded through nothing, it prevents trades in fractional or multiple Bitcoins
• All Bitcoins are intended to be equivalent though they each have a separate distinct history. The developments in Internet and technology makes it a possibility to continually develop and improve on existing payment methodologies
• Bitcoin public addresses should only be used for third-party transactions and the private keys must be kept out of the public eye to prevent loss.

Some have referred to bitcoins as the new Paypal. Paypal at inception did not look as credible as it is in our world today. Eventually, it has spread across the world and various merchant services now accept it as a suitable means of payment.


Comments

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