What is meant by Bitcoin (BTC)?


In the following, ilead will present what is meant by Bitcoin:

Bitcoin is a cryptocurrency that is used to buy things online but, it doesn’t have a physical presence it’s a digital currency that is kept on a public ledger in the cloud.

It has a public key similar to the bank account and a private key similar to the ATM PIN.

Bitcoin was created back to 2009 by the anonymous Satoshi Nakamoto as no one really knows who invented this great currency. It all started with an open source software created by a mysterious programmer of a mysterious group of programmers.

How Does Bitcoin Work?

It uses peer-to-peer technology (P2P) which got used while exchanging information, data or currencies trading between parties (Individual or Groups).

Features of Bitcoin:

  • The transaction fees are much lower than the banks’ transactions fees,
  • It’s a decentralized currency what means that it’s separated from any governing authority,
  • There is no chance for the Bicton to be counterfeited,
  • The transactions process take almost a few minutes to be done, while such process in the banks need several days,
  • It’s totally safe, no one can withdraw money from your account without your confirmation, no one can steal it and the awesome part is that you don’t have to access any personal information to make a transaction.
  • Bitcoins are not subject to any damage, as it doesn’t really have a physical presence. So it’s an eternal currency.

Nowadays, bitcoin nearly worth $11,700

Above, ilead has tackled the “What is meant by Bitcoin” in details. Keep tuned for ilead blog.



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