WHAT IS BITCOIN?
Cryptocurrencies have become a sensation in last decade, changing the way of life for many people around the world. Although for many regular citizens, banks, companies and even governments cryptocurrencies have been hard to comprehend. Many are just starting to see the importance of digital currency. A cryptocurrency is a digital currency or a virtual currency that can be used to make financial transactions online and in the digital world.
The difference between your country’s regular currency and cryptocurrency is that regular currency is centralized, and cryptocurrency is decentralized. A decentralized currency isn’t controlled or manipulated by big banks or a government, like centralized currency is. The value of your country’s regular currency is maintained by governments. It can be changed or manipulated through government policy. The value of cryptocurrency is decided or organically comes from the network of people who use it. Therefore, no one person or government has any control over a cryptocurrency’s value and hence it’s decentralized.
Bitcoin was the first decentralized cryptocurrency to exist and was first released as an “open source” software in 2009. Since then, across the world over 4000 cryptocurrencies have been created. Bitcoin does set the industry standard for now, as it was the first ever peer-2-peer currency that has given private users to trade is a safe and secure manner. Click here to read more