How much do you know about Bitcoin?

When you hear people talking about cryptocurrencies or when cryptocurrencies are in the news, it is likely about Bitcoin. For many people, Bitcoin and cryptocurrencies are the same, that is not correct. Click here for btc to php.

What is Bitcoin?

Bitcoin is a digital currency unlike traditional currencies. Bitcoin is a cryptocurrency and there are many more digital currencies, called altcoins (alternative currencies). Even so, Bitcoin is the most famous, because it was the first cryptocurrency to enter the market. The currency was a revolution within the economy and it remains very popular to this day. You may want to buy Bitcoin in the future, but you don’t know what Bitcoin means or how it works. In this article we will tell you everything you need to know about Bitcoin. Visit this site for btc to php.

The origin of Bitcoin

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Bitcoin was launched on January 3 around 19:15 (GMT +1). The inventor of Bitcoin is Satoshi Nakamoto. To this day we still don’t know who this person is. Many people think that it is an alias for a group of developers, but by now several people have claimed to be Satoshi Nakamoto. Therefore, the true inventor of Bitcoin will likely remain unknown.

Bitcoin was invented for an obvious purpose, which is to create a decentralized payment method. Decentralized means that no central bank or other entity plays a role within the network. Especially before the launch of Bitcoin, this was an important point, because trust in banks reached the lowest point after the banking crisis in 2009. So, developers were looking for an alternative.

Is Bitcoin a payment method similar to traditional currencies?

For most people, Bitcoin seems quite complicated and looks more or less like an investment rather than a real currency. Even so, you can use Bitcoin in the same way that you use the traditional currenciesas a payment method. Although you cannot use Bitcoin to pay for your groceries (for now) in most of the cases, you can transfer Bitcoin to others. There are even some web stores that accept Bitcoin.