Why bitcoin is the popular cryptocurrency
Do you know which is the most popular cryptocurrency?
Well…I think after knowing about what cryptocurrency actually is and how it came into existence anyone can easily guess that the most popular cryptocurrency is none other ‘BITCOIN. Being the first cryptocurrency invented it has reached heights in the share market.
Today, the value of one bitcoin in India is approximately 27,40,125 rupee; in the United States, it is 37,536 dollars; in Australia, it is 48,456.8 dollars and in China, it is 2,39,522.17 yuan. No doubt Bitcoin is the king of cryptocurrency and is ruling the fields of trading and share market.
Bitcoin is the first cryptocurrency created by a mysterious man named Satoshi Nakamoto in 2009. He decided to launch a new currency. Its peculiarity is that you can only perform operations within the network of networks. It refers to both the currency and the protocol and the red P2P on which it relies. Still, some of you may not have understood Bitcoin is? So… in other words, Bitcoin is a virtual and intangible currency. That is, you can not touch any of its forms as with coins or bills, but you can use it as a means of payment in the same way as these.
In some countries, you can monetize with an electronic debit card page that makes money exchanges with cryptocurrencies like XAPO. In Argentina, for example, we have more than 200 bitcoin terminals.
Undoubtedly, what makes Bitcoin different from traditional currencies and other virtual means of payment like Amazon Coins, Action Coins, is decentralization. Bitcoin is not controlled by any government, institution, or financial entity, either state or private, such as the euro, controlled by the Central Bank or the Dollar by the Federal Reserve of the United States.
In Bitcoin control the real, indirectly by their transactions, users through exchanges P2 P (Point to Point or Point to Point). This structure and the lack of control make it impossible for any authority to manipulate its value or cause inflation by producing more quantity. Its production and value are based on the law of supply and demand. Another interesting detail in Bitcoin has a limit of 21 million coins, which will be reached in 2030.
Each Bitcoin is basically a computer file that is stored in a ‘digital wallet’ app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain. This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making copies, or undoing transactions.
Now you must be thinking about how these bitcoins are created? So…. Here is the answer — In order for the Bitcoin system to work, people can make their computer process transactions for everybody. The computers are made to work out incredibly difficult sums. Occasionally they are rewarded with a Bitcoin for the owner to keep. People set up powerful computers just to try and get Bitcoins. This is called mining. But the sums are becoming more and more difficult to stop too many Bitcoins from being generated. If you started mining now it could be years before you got a single Bitcoin. You could end up spending more money on electricity for your computer than Bitcoin would be worth.