- August 21, 2021
- Posted by: Admin
- Category: Beginners, 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 currency||It is a physical currency such as USD, Euro, NGN etc|
|It is not owned by a central bank||It is owned by a central bank|
|It uses a blockchain to record transaction||It uses ledgers and banks to record transaction|
|The new currency is created through the mining process||Cash are printed by central banks|
|BTC supply is 21m||Supply has no limit|
|BTC is for nobody and it is for everybody||It is for some people, controlled by central banks.|
What makes bitcoin valuable?
Here are the good features that make BTC so valuable.
Bitcoin operates on my connected computers distributed globally.
Censored Resistance Feature:
Bitcoin cannot be controlled or banned because it has no central source.
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
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.