Bitcoin and blockchain technology have been hitting the headlines recently, but it’s still possible that you missed important details about them. Don’t worry, the infographic below has been created by Bitcoinfy to answer all your questions concerning Bitcoin and its underlying technology. Let’s take a quick look at the most fundamental facts.
First things first, cryptocurrency is a digital currency designed to work as a medium of exchange, just like fiat money. It is powered by the blockchain technology and uses cryptography to make sure that transactions are securely carried out.
At the moment, there are over 2,000 different cryptocurrencies. Some of the most popular, besides Bitcoin, are Ethereum, Litecoin, Ripple, and Dash. This brings us to the question – what is exactly Bitcoin?
Simply put, Bitcoin (BTC) is the first ever cryptocurrency. It was introduced in 2009 as open-source software by an anonymous programmer or group of people with the name Satoshi Nakamoto. It has been estimated that Nakamoto owns close to one million bitcoins, which is worth about $3.7 billion as of November 2018.
What Makes Blockchain Technology and Bitcoin Such an Important Technology?
Bitcoin has been created to be decentralized, anonymous, fast, and transparent. It offers privacy to its users, unlike traditional banking institutions that keep records of personal details of their clients. With it, transactions can be carried out within minutes without the need for clients to drop any credentials.
Bitcoin is still a relatively new and undeveloped technology. However, an increasing number of businesses begin to adopt it as a form of payment. Examples include giants such as Microsoft, Dell, airline companies AirBaltic and Air Lithuania, and even Universities – the University of Nicosia.
Bitcoin has become a prime opportunity for potential investors because of its continually fluctuating rate. Even though it is highly unstable and even banned in some countries, its value is on a steady rise.
For more details and insights on how you can buy and use bitcoins, as well as other interesting facts, check out the infographic below.
Please include attribution to bitcoinfy.net with this graphic.