Bitcoin was invented by Satoshi Nakamoto published in the year 2008, and he actually release an open-source software about it in the year 2009. It is first regarded as an online payment system to get products and services equivalent to its regarded value. The system is direct or as they call it “peer-to-peer” which means you do not need an intermediary intervention to get the service or the product that you want. Here are some of the things that bitcoins can do.
• Transactions are typically verified or made sure by a network of different nodes and basically stored and recorded in ledges that are publicly distributed which is also known as the “block chain” • The system works independently, meaning, it does need any single administrator or also called as a central repository more info. The US treasury actually named it to be a system or a currency that is virtual and decentralized.
Bitcoin is also commonly called as cryptocurrency, but this name is way too long for everyday use. They actually aim to make bitcoin also accepted by any merchants and service providers all over the world. It is actually described as the first ever decentralized digital currency and has the largest market value, amongst all of its kind.
There are a lot of merchants accepting local bitcoin as their mode of payment. In fact, in this current year (2015) there are over 100,000 merchants and device providers who actually accept bitcoins in their services and products. Not very long ago that it has been regarded as the worst investment that you can ever take, and recently its use have gone viral because of its known advantages. These advantages include:
• Accessibility • Zero Cashbacks - which is a great advantage for merchants • Zero extra hidden charges unlike credit cards • Anonymity • Protection against cruel high inflations • As good as cash or real paper assets • Non traceability • Not governed by the Federal Law