Bitcoin: What Beginners Should Know

Bitcoin

What is Bitcoin?

Bitcoin is a digital currency. This digital currency is not owned and controlled by anybody. Digital currency is opened to the public through open-source software.

Bitcoin is the first cryptocurrency invented in 2008 and launched in 2009. It was invented by a group of people or a person named Satoshi Nakamoto. The technologies Bitcoin uses are Blockchain and Cryptography.

Difference between bitcoin (BTC) and Bitcoin

Bitcoin is the protocol or the software that power the network.

 bitcoin is the native currency of the network.

bitcoin is also represented by BTC.

Therefore, while Bitcoin is the network (protocol, blockchain and the body), bitcoin is the currency.

How is BTC different from fiat currency?

Bitcoin (BTC)Fiat Currency
bitcoin is a digital currencyIt is a physical currency such as USD, Euro, NGN etc
It is not owned by a central bankIt is owned by a central bank
It uses a blockchain to record transactionIt uses ledgers and banks to record transaction
The new currency is created through the mining processCash are printed by central banks
BTC supply is 21mSupply has no limit
BTC is for nobody and it  is for everybodyIt is for some people, controlled by central banks.

What makes bitcoin valuable?

Here are the good features that make BTC so valuable.

Decentralized Feature:

Bitcoin operates on my connected computers distributed globally.

Censored Resistance Feature:

Bitcoin cannot be controlled or banned because it has no central source.

Secure Future:

The transaction is transparent; as such it is open to the public to verify.

Transaction recorded on the Blockchain can’t be deleted or edited

Borderless Feature:

Bitcoin can be used from anywhere and by anybody. You don’t need permission to use it.

With a phone, wallet you can send and receive BTC from anywhere in the world.

What are the uses of BTC

BTC is used as a store of value and a means of payment.

Store of Value:-

When you convert your cash into BTC, it can grow the value with time.

Means of Payment:-

You can use BTC to pay for airline tickets, buy gift cards etc

Here is an article

that explains how the eNaira will benefit you.



Author: Admin
Trenndify Co founder

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