Bitcoin Has Grown Fast Since Its Creation in 2009

Bitcoin has grown rapidly since it was created in 2009 by a mysterious individual or group under the pseudonym Satoshi Nakamoto, the kursbitcoin has soared with the increasing demand. Bitcoin emerged as a result of the Great Recession and the financial crisis that occurred in 2008, bitcoin is a reaction to the financial revolution that has occurred over the last 20 years. As is well known bitcoin is a means of payment that uses a peer-to-peer network that is commonly used by programmers.

Bitcoin uses a peer-to-peer network or file-sharing service because we can share bitcoin files with fellow users with computer network media. The concept behind bitcoin is to cut the fees used to pay brokers needed in conventional buying and selling transactions, so that by cutting broker fees sellers can offer their goods cheaper. The main essence of bitcoin is a general ledger (global ledger) or balance sheet, called with blockchain. This general ledger records all transactions made using bitcoin, from the time bitcoin is mined all transactions are recorded, so this is what makes bitcoins not easy to counterfeit. The elements of bitcoin are the existence of a peer-to-peer network, blocks, blockchain and miners.

The peer-to-peer network in bitcoin allows users to transfer a certain amount of bitcoin value, these transactions are stored in files called blocks, these blocks are intertwined with each other to form a chain of blocks called blockchain, and miners solve complex mathematical formulas to prove bitcoin ownership. .To be able to use bitcoin, previously the user had to download a virtual wallet or wallet that could be obtained from certain sources. This virtual wallet consists of 3 types, namely software wallets (software wallets), mobile wallets and Web wallets (web wallets).

The difference between the three wallets lies in where the bitcoins are stored. In a software wallet or software wallet, bitcoins will be stored on the hard drive, which means that any computer used to download this wallet software will be a place to store bitcoins. If the computer used is damaged, the stored bitcoins will also be lost. While the mobile wallet system works the same as the software wallet, only the media used is a mobile phone.

The web wallet provides access to be able to use bitcoin anywhere using the internet. Not much different from online banking, with a web wallet users can see the amount of bitcoins stored anytime anywhere. This wallet has the same function as other conventional banks, namely protecting the assets of customers or users from the threat of criminals, but the wallet also has the difference that it is not borne by the government, if something happens to the user’s wallet such as a hacker attack, the bitcoin stored in the wallet cannot be borne by the government at risk. .

Bitcoin is a means of payment that does not take long to make transactions because bitcoin does not require the services of a broker. In conventional currencies, long procedures and fees are needed to carry out transactions.

Leave a Reply

Your email address will not be published. Required fields are marked *