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Since last several years people look for several ways of investment. Apart from stock exchange and several other online trading systems nowadays, Bitcoin is the highly preferred solution for investment. It is basically a decentralised digital currency. It can be sold and purchased without any single interference or intermediaries. This digital currency is high in demand.
Looking back at its evolution, the cryptocurrency was invented in 2008 by the group of people using the name Satoshi Nakamoto. Its transactions are verified through the network nodes using cryptography and it was recorded in a public distributed ledger also known as Block Chain. It came into use from 2009 by releasing as open-source software.
Through the process of mining, Bitcoins are created as a reward. They are similar to the currencies and are exchanged for various products and services but in the real world the value of coins is highly volatile.
According to the research done in 2017, produced by University of Cambridge, the number of users of cryptocurrency is increasing every day. It has increased from 2.9 to 5.8 million users using a cryptocurrency wallet, mostly Bitcoin is being used.
Nowadays, Bitcoins are also used for the investment purposes. Although it has faced several challenges by so many economists and commentators and is characterised as a speculative bubble at various times. But in September 2021, Bitcoin is officially adopted as legal tender and it has become the first and the only nation in the world.
If I talk about the definition of the Bitcoin, on 31 October 2008 it was in a white paper. Bitcoin is basically a compound of the words bit and coin. No particular way of convention for the bitcoin capitalization exists. Few people use it as the source to be capitalized and few refer to the technology, network etc. Though number of people are buying bitcoin one should learn the process of how to buy bitcoin?
Bitcoin is the unit of the account of the bitcoin system. Currency codes used to represent it is BTC and XBT. If you will look into the divisibility, it is divisible to eight decimal places. Smaller amount is denoted by an alternative units millibitcoin (mBTC) and also Satoshi (sat). by giving the homage to the bitcoin’s creator, a Satoshi is the smallest bitcoin in the ledger.
By using the Blockchain as the public ledger, the record of all the transaction is being made. It is implemented as a chain of blocks and if you will deeply look into it. Each block contains a hash of the previous block up to the genesis block of chain. There are several ways of doing transaction and the latest one is the Blockchain. Basically, blockchain allows bitcoin software to determine when a particular bitcoin was spent. This prevents from double spending.