About:
Bitcoin is a virtual cryptocurrency. It was created in 2008. Bitcoin follows the idea which was set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto. Bitcoin is used for online payments and is operated by a decentralized authority. Bitcoin is a non-custodial wallet which means there is no record of who is holding the bitcoin or who is paying or receiving the currency. Only the person who owns a wallet knows the secret private key of the wallet and in case the person forgets the private key, the wallet cannot be restored. Bitcoins are not backed by any authority like a bank or government. There are no physical bitcoins, the bitcoins are only in virtual wallets and transactions can be done from that wallet itself. We have talked about the advantages of bitcoins like it reduces the transaction cost, is very safe and secure, and many more advantages. And we have also tried to understand if these advantages are fair. In 2010, Bitcoins were traded at 8 cents and now in 2021, the price of Bitcoins traded above $40,000.
Comments