What is Bitcoin?
Bitcoin is a revolutionary form of digital currency that is created and held electrically. It’s the first of it’s kind, the first ever cryptocurrency that has paved the ways for other cryptocurrencies as well as the whole crypto industry to rise up. Bitcoin is decentralized and has no controller or central bank. Bitcoin is of the people, for the people and by the people. Unlike dollars, euros or any other currencies, Bitcoins are not printed but rather produced by people using certain softwares solving mathematical problems on their computers all over the world which is also know as mining.
Just as one dollar divided into a hundred cents, one Bitcoin is divided into 100 million micro or smaller units known as Satoshi which is named after by the creator and developer of Bitcoin, Satoshi Nakamoto.
Who created Bitcoin?
It is said that the Cryptocurrency phenomena known as Bitcoin was invented and developed by Satoshi Nakamoto who claims to be from Japan born on 5th April, 1975. The code for Bitcoins was written around 2007 and later on November 2008, Satoshi Namaoto published a whitepaper on the Cryptography mailing list at metzdowd. He then published the first Bitcoin specification and proof of concept in a cryptography mailing list around the year 2009.
After a series of experiments led by Satoshi, Bitcoin marked the beginning of its existence on January 3, 2009 when the first ever Bitcoin Block was minded. On January 9, 2009, an updated version of the Bitcoin software was uploaded on Sourceforge. The update contained some minor bug fixes. Later on Nakamoto along with Martti Malmi, the first two developers of Bitcoin, registered and created the website Bitcoin.org. The website was used by Nakamoto to collaborate with other developers. Although there were sheer number of developers working with him in the project, no one knew any of his personal information, starting with who he is. He left the project on December, 2010 handing over the leading position to Gavin Andersen. He appeared once again on April 23rd, 2011. According to his email to Mike Hearn, he has moved on to the other things and that Bitcoin is in good hands with Gavin and everyone.
As noted in Bitcoin.org,
But who is Satoshi Nakamoto? It is yet unknown that who Satoshi Nakamoto actually is. His real identity is a mystery to everyone and even the developers of Bitcoin do not know much about him. Some claims s/he is not one person but rather a group of persons who have developed Bitcoin under the code name “Satoshi Nakamoto”. What about Bitcoin.org? Do they know about him or her or them? Let’s take a look:
Who controls Bitcoin?
The burning question in everyone’s mind, who controls Bitcoin? The answer is No one. No one owns the Bitcoin network, no one owns the technology behind emails. Bitcoin is of the people, for the people and by the people. It is the Bitcoin users from all around the world who controls Bitcoin. If you own even a satoshi, you are one of them who control Bitcoin. Although there are developers working for the improvement of Bitcoin software, they can’t force any changes in the Bitcoin protocol. The reason is that all users are free to choose what software or version they choose to mine Bitcoin.
Is Bitcoin Legal?
According to Bitcoin.org, it is legal although some countries have put some restrictions towards the trading of Bitcoins. While the Bitcoin technology itself is not banned almost in all countries, the illegal use of it however is but that is the case with every other currency in the world. Should you trust Bitcoins? It completely depends on you and what you think. There are risks of losing involved with almost every currencies in the world and Bitcoin is of no exception. The only difference is Bitcoin does not have any authorities and its value depends on the users.
What are the advantages and disadvantages of Bitcoin?
No blessings are unmixed. Everything in the world has both its advantages and disadvantages and Bitcoin is of no exception despite the fact that it has brought forth a revolutionary change and has paved the way for the whole cryptocurrency industry. Let’s take a look at the advantages and disadvantages a Bitcoin user may face while using Bitcoin technology.
Advantages of Bitcoin
Disadvantages of Bitcoin