In general, the definition of bitcoin is a digital currency that is decentralized, anonymous and not controlled by any particular authority.
The concept of bitcoin was first introduced in 2009 by Satoshi Nakamoto, a mysterious figure whose identity is unknown until now.
The main function of bitcoin is as a digital currency that can be used to make online transactions.
The system uses a peer to peer (P2P) system, without a single storage and administration.
Due to its anonymous ownership and no official institution, recently the government has been increasingly aggressive in preventing the development of bitcoin.
In addition, the image of bitcoin which is often used for illegal transactions of illegal drugs, sharp weapons, and money laundering also has a long-term negative effect.
But actually "bitcoin" is not just a 'digital payment system'. It's more than that.
"BITCOIN" is a new technology so it might be easy for you to think of it as a combination of several things:
a) Firstly, "BITCOIN" is a payment system for products and services, just like a credit card.
b) Second, "BITCOIN" is a peer-to-peer (individual to individual) payment system that requires the creation of a middle person such as a bank or financial institution.
c) All three, "BITCOIN" is like gold (a type of precious metal) because, but it is better than gold because it can be exchanged quickly online.
d) Fourth, "BITCOIN" is like the internet where no individual, country or entity supervises or controls it.
These four factors work together and even reinforce one another. So now we have one new product "bitcoin" which is a valuable, easy, effective and efficient payment system!
"Bitcoin" is divided into 9 numbers and the smallest unit (0.00000001) Smooth 'satoshi' after the name of the founder. The symbol used to represent "bitcoin" is BTC.
And because one world is still reeling from it, there are people who classify "bitcoin" as a currency. There are also those who do not agree. Then they call it digital money, cryptocurrency, electronic money, and even virtual currency!
That's the discussion about bitcoin that I know. Thank you for visiting my blog.
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