Hi readers,
Today I decided to share my information about my last study on BITCOIN.
Here I try to put all this in brief.
Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name "Satoshi nakamoto". It was released as open-source software in 2009.
Subunit
10−3 millibitcoin
10−6 microbitcoin, bit
10−8 satoshi
Symbol BTC,XBT
millibitcoin mBTC
microbitcoin, bit μBTC
The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.
Besides being created as a reward for mining, bitcoin can be exchanged for other currencies,products, and services in legal or black markets.
The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Regulations and bans that apply to bitcoin probably extend to similar cryptocurrency systems.
The question whether bitcoin is a currency or not is still disputed. Bitcoins have three useful qualities in a currency, according to The Economist in January 2015: they are "hard to earn, limited in supply and easy to verify".Economists define money as a store of value, a medium of exchange, and a unit of account and agree that bitcoin has some way to go to meet all these criteria. It does best as a medium of exchange; as of February 2015 the number of merchants accepting bitcoin had passed 100,000. As of March 2014, the bitcoin market suffered from volatility, limiting the ability of bitcoin to act as a stable store of value, and retailers accepting bitcoin use other currencies as their principal unit of account.
For more information:-
Reference-:
https://en.m.wikipedia.org/wiki/Bitcoin
https://bitcoin.org/en/
Thanks for your time! :)
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