What is Bitcoin?

The term Bitcoin has become highly popular these days. Most of the people are talking about Bitcoin and the opportunities that it provides. Yet there are many who do not have a clear idea of what Bitcoin is. So, what is Bitcoin? What do you think of it?

To be honest, Bitcoin is one of the most revolutionary inventions of the 21st century in the field of computer science. It is a cryptocurrency. As a matter of fact, Bitcoin is the first decentralised cryptocurrency that came into existence back in 2008 and it marked the start of a new era for banking as well as payment systems.

The concept of Bitcoin was published in a thesis paper by a developer under the pseudonym of Satoshi Nakamoto back in early 2008. Though the world did not pay any heed to the developer back then, he implemented his concepts to create Bitcoin.

Bitcoin is not just a currency; it functions as banking as well as a payment system. The most important thing about Bitcoin is that it is decentralised. It means the cryptocurrency is not controlled by any central authority. All the process in the Bitcoin network works on mathematical formulas and the power resides in the system.

As a result, you do not need to wait for the permission from any authority to carry out transactions. As a matter of fact, you can transfer money from one part of the world to another in Bitcoin without any hassle. Since it is decentralised, it does not take much time to complete the transaction and above all, the transaction fees are really minuscule.

Like we said, Bitcoin is not just a cryptocurrency or payment system or a place to invest; it is the future of money. And bitcoin is slowly changing the value system as we know it for a better future.