Basic Facts to Know About Bitcoin Currency
In 2017, Bitcoin came all-time high at $1129.87 on 4 January. This continues to increase in the astronomical numbers. Only one year before, BTC was at $434 level as per the bitcoin news.
Understanding Basics of Bitcoin
Bitcoin is one type of the digital “currency”. It’s made and held electronically over the computer. Bitcoins aren’t the paper money just like dollars, yen or euro by the central banks and monetary authorities. The bitcoin is a first example of the cryptocurrency that is made by the people and the businesses all across the world by using the advanced computer software, which solves the mathematical problems.
Satoshi first proposed BTC as a way of payment that is based on mathematics. And bitcoin is the mode of payment and transfer of value, which is independent of the governmental authorities such as central banks that control money supply as well as availability of the currency in a global market. In a lot of ways, BTC is the pan-global ways of exchange. The transfers are actually made through computer instantly with the low transaction fees. The Bitcoin doesn’t flow through traditional banking system; instead it flows from a computer wallet to other.
Bitcoin will not be held and kept in the wallet or pocket like currency; it’s purely the computer-based ways of exchange. BTC is the fixed asset; there’s just total of twenty one million coins. Solving advanced mathematical problems will result in mining of the Bitcoins. But, Bitcoin currency is divisible so growth potential for an exchange medium is quite unlimited.