hello guys!!! Today I came up with something which is very much interesting do u know guys that there is something called as digital currency. Most of the people don’t know about this digital currency which is called Bitcoin Money. Today I will tell you detail information about Bitcoin Money & 5 facts Bitcoin Money.
What is Bitcoin Money?
- Bitcoin is a digital currency that is being used increasingly all over the world.
- It is an innovative payment network and a new kind of money.
- Bitcoin Money is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central repository or single administrator.
- Bitcoin Moneys are not printed, like bucks or euros – they’re created by individuals, and running computers all around the world, using a computer code that solves mathematical issues.
- Bitcoin Money is one of the most important inventions in all of generation history.
- No single institution controls the bitcoin network. It means that a large bank can’t control their money.
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History of Bitcoin Money?
- On 18 August 2008, the domain name bitcoin.org was registered. In November, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic money System was posted to a cryptography list.
- Nakamoto enforced the bitcoin computer code as open ASCII text file and free it in January 2009.
- The identity of Nakamoto remains unknown, although several have claimed to understand it.
- In January 2009, the bitcoin network came into existence when Satoshi Nakamoto mined.
- The first ever block on the chain, called the genesis block, for a reward of fifty bitcoins.
- The idea was to produce a currency independent of any central authority, with very low transaction fees.
Base of Bitcoin Money
- Conventional currency has been based on gold or silver.Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back. But bitcoin isn’t based on gold; it’s based on mathematics.
- Around the world, people are using software that follows a mathematical formula to produce bitcoins. The mathematical formula is freely available, so that anyone can check it.
- The software is also open source, meaning that anyone can look at it to make sure that it does what it is supposed to.
5 facts Bitcoin Money
1) There are no chargebacks
This is 1st fact in the list of 5 facts bitcoin money
- Once bitcoins have been sent by the sender, then they are gone.
- There is no refund policy for Bitcoin Money.
- A person who has sent bitcoins cannot try to retrieve them without the recipient’s consent.
- This makes it difficult to commit the kind of fraud that we often see with credit cards, in which people make a purchase and then contact the credit card company to make a chargeback, effectively reversing the transaction.
2) Governments can’t take it away
This is 2nd fact in the list of 5 facts bitcoin money
- The currency is decentralized, you own it. No central authority has control, and so a bank can’t take it away from you.
- For those who find their trust in the traditional banking system unravelling, that’s a big benefit.
3) Bitcoin is Cheap
This is 3rd fact in the list of 5 facts bitcoin money
- What’s that you say? Your credit card transactions are instantaneous too? Well, that’s true. But your merchant pay for that privilege.
- Some merchants will charge a fee for debit card transactions too, as they have to pay a ‘swipe fee’ for fulfilling them. Bitcoin transaction fees are minimal, or in some cases free.
4) Bitcoin Money is fast
This is 4th fact in the list of 5 facts bitcoin money
- When you pay a cheque from another bank into your bank, the bank can usually hold that cash for many days, as a result of it can’t trust that the funds are really available
- Similarly, international wire transfers will take a comparatively long time. Bitcoin transactions, however, are usually so much faster.
- Transactions will be instant if they’re “zero-confirmation” transactions, which means that the businessperson takes on the risk of acceptive a transaction that hasn’t however been confirmed by the bitcoin blockchain. Or, they’ll take around ten minutes if a businessperson needs the group action to be confirmed. that’s so much quicker than any inter-bank transfer.
5) Anyone can create there own money
This is 1 fact in the list of 5 facts bitcoin money
- In spite of the superb advances in home office color printing technology, most national governments take a reasonably dim read of you manufacturing your own cash.
- With bitcoin, however, it’s inspired. you’ll be able to definitely get bitcoins on the open market, however, you’ll be able to also mine your own if you’ve got enough computing power.
- Once covering your initial investment in equipment and electricity, mining bitcoins is just a case of feat the machine switched on, and also the software running.
- Who would not like their computer to earn them cash whereas they sleep?
This is all about 5 facts Bitcoin Money
I hope guys that today you learn somthing new…
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