Basics Of Bitcoin

Bitcoin is creating a lot of fuss in the online arena lately. For the beginners, this article will touch upon a brief history of how the marvellous Cryptocurrency came to be and will discuss in detail the reasons which make it stand out from the rest. Without much further ado and going to Bitcoin Loophole let us get straight to the origins of the bill.

The creation of Bitcoin:

As a payment system, based on electronic means for mathematical proof, an alleged software engineer with the pseudonym Satoshi Nakamoto proposed this cryptocurrency in the year 2008. The basic idea behind Bitcoin is to create a mean which can be an independent mean of exchange without depending on any central agency and can be done in a safe, secure and simple way.

The interesting fact is that it is still unknown who Satoshi Nakamoto is.

Now let us understand what makes Bitcoin stand out from the rest of the cryptocurrencies.

Bitcoin basically is the same from the other real-world currencies like dollars pounds and others in the sense that it can be used for transaction purposes to make deals of one kind or the other. However, there are some features in the cryptocurrency that makes it stand out from the rest. These unique features are

Decentralization: One of the most important features of Bitcoin is that it is not controlled by any single central institution. It is decentralized and is run by some volunteer coders from a network that is open all around the world.

Pseudonymity: Though the sender or buyers of Bitcoin all over the world are usually identified for safety and security purposes, users of Bitcoin operate anonymously in theory. All the users are identified by their address which is attached to their wallets.

These certain features make Bitcoin stand out from the rest of the not just cryptocurrencies but all currencies as well.