History of Bitcoins

History of Bitcoins

Bit coin is a cryptocurrency. 1 bit coin is equal to 3, 88,105.03 Indian rupees. Bit coin is a decentralized digital currency. It is a digital currency without the central bank  or even an administrating officer which can be forwarded to multiple users on the bitcoin network.

Transactions of a digital currency are verified by a network node in tune to cryptography and documented in a a blockchain; a ledger that is distributed publicly.

The Invention

Invented in 2008, Bitcoin came into existence by a group of people or a name an unknown person’s group name Satoshi Nakamoto. Released in the form of open software with a source code, it was initiated in 2009. These bit coins are actually identified and propagated as rewards in a process acknowledged as as mining. This currency can be further exchanged for several services, products and other currencies too.

Research done by the Cambridge University estimated that in 2017, most of the users are using bit coin. The number of users who are using this bit coin as a digital currency was about 2.9 to 5.8 millions. This system of digital currency is supposed to use by a unique users.

Bit coin (a digital currency) has been criticized for its use in illegal transactions. Also it utilises high consumption of an electricity, high price volatility, and also a thefts from exchanges which are made by the users. Some economists (which works on economy), including several Nobel laureates. Bit coin has also been used as an investment (as users also use to make investments in form of digital currency). It have characterized as a speculative bubble in market.  Although many regulatory agencies of digital currency have issued several investor alerts about bit coin .

Bit coin is a peer-to-peer electronic cash system. It was posted to cryptography mailing list in a market of digital currency transactions.

About John Sparrow

John Sparrow