The reason Bitcoin is present in the world
Bitcoin fever is increasingly engulfing the world. For some people, cryptocurrency or cryptocurrency is the future, but for some others, virtual currencies are considered a disaster that can come at any time.
From Bitcoin, Litecoin and Ethereal to newcomers like Zcash and Ubiq, there are now more than 1,000 different virtual currencies to choose from.
The question is, are you sure to join the crypto currency world? This question is still echoing since 2009, when the first time Bitcoin appeared from nowhere.
Reported by Science Focus, for years, there have been many opinions about the presence of digital currencies, including Bitcoin. Some agree, some are not. But according to its creator, Satoshi Nakamoto, Bitcoin is different.
According to him, Bitcoin can operate entirely independently without the support of the government, regulator or bank, but many people still believe it.
He made this claim based on the idea of coinage, physically. Cash, is produced physically and can be faked by anyone whenever they need more money. Whereas Bitcoin, stocks and online transactions, are not real and automatic cannot be forged.
To overcome this, the global financial system will depend on electronic clearing that oversees every transaction to stop fraud. Because even though there is no counterfeiting of crypto currencies, there are people who can commit system fraud.
But Nakamoto claimed that he had found a way to prevent this. Simply put, Bitcoin works by converting information about each new transaction into a mathematical form, which is impossible to read or change, and then put into a permanent electronic ledger, known as blockchain.
Blockchain doesn't stay in one place. It is spread across various virtual networks, producing a fast, efficient and trustworthy global electronic currency system.