A concise introduction to Bitcoin

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Editor: This article is a very neat introduction to the cryptocurrency called Bitcoin. If Bitcoin is new(s) to you, it’s a recommended read.

What is Bitcoin?

Here are the main points that you need to understand before buying Bitcoin.

1) Bitcoin is a form of digital money, protected by cryptography, which makes bitcoin transactions secure. That is why it is called cryptocurrency.

2) Bitcoin exists only in a digital form so that it is never printed, which means that bitcoin is a form of digital information.

Related Post:  Blockchain basics

3) Bitcoin is decentralized. Meaning there is no specific place where bitcoins are released and even no central server that runs the system. Bitcoin infrastructure is distributed among all users, meaning their devices run the system. Thus, you do not buy Bitcoins from any central bank.

4) The amount of bitcoins is limited. You can make an analogy with gold: the amount is also limited. In other words, compared to other currencies like the US dollar or Swiss Franc, the Bitcoin supply is limited, and cannot be increased. Therefore, Bitcoin generally does not have inflation. Inelastic supply is one of the reasons that Bitcoin prices have tended to rise over time (but there are many other factors which play a role in determining Bitcoin price). $100 in Bitcoins purchased 5 years ago would today be worth millions.

Related Post:  Neteller steps into the future with support for cryptocurrencies

Advantages and disadvantages of using Bitcoin

Read the complete article here.

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