“Bitcoin BTC is an innovative payment network and a new kind of money.”
Bitcoin first got introduced by Satoshi Nakamoto in 2008 by publishing a white paper, “Bitcoin: A Peer-to-Peer Electronic Cash System”.
Bitcoin is a purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.
What is Bitcoin BTC?
Bitcoin is a decentralized, distributed, peer-to-peer payment network that allows payments to be sent directly from one party to another without going through a central authority or financial institutions like banks.
Bitcoin is supported by network participants running specific software programs connected in a highly distributed, decentralized, peer-to-peer network. There is no central authority in the network and the whole network is managed by software programs using a set of rules along with consensus algorithms.
Bitcoin can use used as a medium for exchange for goods and services. Bitcoin gives true control to users on their digital assets. It can be sent around the globe easily at any time, with lower transaction fees and transactions get confirmed with few seconds.
Bitcoin is the first cryptocurrency and first known application of blockchain technology. Bitcoin is a public, open-source network in which anyone can participate by downloading open-source software.
Bitcoin provides full control and security, works everywhere and anytime, helps users to protect their identity, payments can be done easily with lesser transaction fees and the confirmation time and all this done without the interference of middlemen.
What is the problem Bitcoin BTC trying to solve?
The financial system around the globe is to govern and control by central authorities. When a user wants to transfer owned financial assets like money from one place to another, the user needs to go through various types of checks and needs to pay higher transaction fees. Also, payment transfer can be done in the time frames these central authorities operate and take days to weeks until the transfer is completed successfully.
In the past, there are many incidents when these controlling financial institutions have been disappeared with users hard to earn money. These institutions provide no way for users to fully control their money in their respective financial institutions(e.g. banks).
Bitcoin BTC is a cryptocurrency (digital-cash) that provides full control and security to the users. Bitcoin allows users to protect their identity, control their money, and get it transferred anywhere, any time in the world within a few seconds.
Bitcoin blockchain allows user to keep track of the transactions happening over the network that has the highest security in the world.
If you are interested in joining the Bitcoin BTC Community