Top 8 Quick Facts About Bitcoin-Digital Cryptocurrency

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  1. A cryptocurrency is a form of digital money where encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds without a central bank or regulating authority.

2. New cryptocurrency can be created anytime.

3. Invented by an unknown programmer or a group of programmers under the pseudonyms of Satoshi Nakamoto (in 2009), Bitcoin (BTC) is the world’s first digital decentralized currency and payment network. The system is peer-to-peer, that is, users can transact directly without an intermediary like a bank, a credit card company or a clearinghouse.

4. Nobody owns the Bitcoin network much like no one owns the technology behind email or the internet.

Read, More: Everything You Need To Know About Bitcoin, Digital Cryptocurrency

5. Why would I use bitcoin? the answer is: As a global digital currency you can send bitcoin to anyone, anywhere in the world without worrying about cross-border remittance fees. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms. Moreover, you can spend bitcoins to buy goods and service providers are gradually accepting payments in Bitcoins.

6. Bitcoin has not just been a trendsetter, ushering in a wave of cryptocurrencies built on a decentralized peer-to-peer network, it’s become the defacto standard for cryptocurrencies. As of today, there are more than 900 cryptocurrencies available over the internet.

7. Bitcoin (BTC) is currently the largest blockchain network, followed by Ethereum (Eth), Bitcoin Cash (BCC/ BCH), Ripple (XRP) and Litecoin (LTC).

8. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 Million unique users using a cryptocurrency wallet, most of them using bitcoin.

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