Bitcoin is one of the most popular topics in the contemporary world. For the people living under the rock until now, this article will discuss the origins of Bitcoin and what Bitcoin is. Bitcoin is known as a reward of a process called mining. One can access Bitcoin Loophole website for more information on the loopholes of Bitcoin. So without beating around the bush anymore, let’s start with the origins of Bitcoins first.
As a payment system, based on electronic means for mathematical proof, an alleged software engineer with the pseudonym Satoshi Nakamoto proposed this cryptocurrency in the year 2008. The basic idea behind Bitcoin is to create an independent mean of exchange without depending on any Central agency and which can be done in a safe, secure and simple way. The interesting fact about this whole fiasco is that the original identity of Satoshi Nakamoto is still unknown.
After the supposed leave of Satoshi from the project in the year 2010, developers took over this and the project became accessible to the public for viewing and control through an open-source code by volunteer coders across the world. This system is otherwise known as the decentralized system which came to be after the economic crash, otherwise known as the financial crash of 2008 after the centralised economic attracted a lot of criticism.
What is Bitcoin?
In terms of other currencies like Dollars and pounds, the idea is bitcoin is similar as they too can be traded digitally for any deal. But they are not just currencies, they are accounting units to for any kind of specific programs. One can break down a bitcoin into 1 billion pieces and each piece can be traded individually as stock currency or anything for that matter.
One can deliver any currency which is pre-programmed by using Bitcoin technology.