Bitcoin is a decentralized digital Crypto currency, and referred as a cryptocurrency.
Bitcoin was first created in 2009 by Satoshi Nakamoto who is an unknown person or group using the pseudo name.
Bitcoin was initially introduced to the world as an open-source software.
Bitcoin operates on a peer-to-peer network, which means transactions can occur directly between users without the need for intermediate like banks or any other institution.
Key features of Bitcoin:
1. Decentralization:
Bitcoin is not controlled by anyone like any single entity, or government, or any organization.
Bitcoin operates on a decentralized network of computers (nodes) that validate and record transactions on a public ledger. This public ledger is known as the blockchain.
2. Blockchain:
The blockchain is a distributed and immutable digital ledger in which every new bitcoin validated with existing bit coin that records available in Public Ledger.
Blockchain ensures transparency, security, and prevents double-spending, where the same Bitcoin is used/spent multiple times.
3. Limited Supply of Bitcoin:
Bitcoin have maximum supply of 21 million Bitcoins that can ever exist.
This Bitcoin scarcity is programmed into the Bitcoin protocol and contributes to its value proposition, as it’s often compared to precious metals like gold.
4. Bitcoin Mining:
You can create new Bitcoins through a process called mining or Bitcoin mining.
Bitcoin Miners use computational power computer to solve complex mathematical puzzles, and when they succeed, they’re rewarded with newly minted Bitcoins.
This Bitcoin mini process also helps secure the network and validate every transactions.
5. Anonymity and Pseudonymity:
Bitcoin transactions are pseudonymous, means they are linked to unique alphanumeric addresses rather than real-world identities.
6. Volatility:
Bitcoin’s price is known for its significant price up and down.
Bitcoin’s price can experience high rapid growth and substantial changes over short periods terms, which has led to both substantial gains and losses for Bitcoin investors.
7. Digital Asset and Store of Value:
Bitcoin is also referred as “digital gold” due to its limited supply. Bitcoin potential to serve as a store of value. Some people view it as a hedge against traditional financial systems and inflation.
8. Global Accessibility:
You can sent and received Bitcoin anywhere in the world with an internet connection.
This global accessibility has contributed to its popularity and adoption.
While Bitcoin has gained widespread popularity, attention and adoption, So, also Bitcoin comes with risks and challenges.
Bitcoin price volatility, regulatory uncertainties, potential for use in illegal activities, and technical scalability concerns are some of the factors that need to be considered when dealing with Bitcoin.
As on 10 August 2023, a Bitcoin price is Rs. 24,43,138.93 and maximum price of a Bitcoin is Rs. 56,97,810.66 in November 8, 2021.
But after that maximum price Bitcoin price down.
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