What is, Bitcoin? A Bitcoin Wallet? A Bitcoin Address?

What is, Bitcoin? A Bitcoin Wallet? A Bitcoin Address?

Bitcoin is a cryptocurrency. It is a form of decentralized digital currency without a central or single administator, that can be sent from user to user on the peer-to-peer bitcoin network. 

A bitcoin wallet is like your personal bank account, but it is specifically for bitcoin. 

A bitcoin address is similar to your account number, but in this case, you have an address made up of letters of the alphabet which are combined in a difficult way. 

History of Bitcoin

Bitcoin was invented by a person/ group of persons, known by the pseudonym SATOSHI NAKAMOTO around 2008. The identity of the person/ persons remain(s) anonymous until today. 

When Bitcoin was launched, only a handful of people used it was worth 5 or 15 maira for 1. Many thought it was a joke and many dreamt of the day it will vanish into thin air. But today, bitcoin is 11 years old and still waxing stronger. 

Unlike the banks and other digital payment system, bitcoin allows two party to transact without giving up any personsl identification information. 

Satoshi Nakamoto authoured the bitcoin white paper, created and deployed bitcoin's original referemce implementation. As part of the implementation, nakamoto also devised the first blockchain database. 

We can all agree to the fact that we have shifted from the analog age to the digital age, and majority of our payment over the internet are now being carried out by the use of some methods which seve as 'middlemen' , these include credit cards, PayPal, Western Union, etc. 

More interestingly, bitcoin tends to eliminate the middleman. It offers an alternative to centrally controlled digital money. 

Comments (1)
  1. Confidence Confidence says:
    27 Aug 2020 07:30:AM

    Nice to know

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