Ever since Bitcoin was first introduced back in 2009, it has both gained the ire and admiration of the people. It has met extreme criticism and praise from different groups of people and the attention that Bitcoin had garnered comes as no surprise since it is the first and most successful of the crypto-currencies. Currently, the future of Bitcoin is still difficult to predict, as it has always been. This is mainly due to the volatile nature of Bitcoin but statistics have shown considerable growth in Bitcoin over the years. It should be noted that five years ago, Bitcoin was only valued at a few cents but now it is valued at $645. This growth gives confidence to numerous Bitcoin users and supporters as it shows how profitable a Bitcoin engagement can be.
If you are only new to Bitcoin, then you probably have lots of questions you want answered. To help you out, here are some of the most common questions about Bitcoin along with their respective answers.
- What is Bitcoin? Bitcoin is basically a digital currency that is controlled and created electronically using software programmed to solve mathematical problems. Simply put, Bitcoin is like sending gold coins in a way that is similar to email.
- How does Bitcoin work? It isn’t really a big secret as to how Bitcoin works. All you would need to do is find the best bitcoin wallet which you can use to store and send bitcoins. With that you would also need to get a bitcoin address. You can acquire bitcoins through a bitcoin exchange which is like a marketplace for bitcoins or you can mine your own bitcoins.
- Who created Bitcoin? Satoshi Nakamoto is credited to be the creator of Bitcoin and the bitcoin protocol. His true identity as of today is still unknown and the last people have heard of him/them is back in 2011 when he said he is moving towards other things.
- Why Bitcoin? Bitcoin offers numerous benefits. First of all, it is decentralized and free from the control of any central authority such as the government which means your bitcoins are completely yours. Bitcoin offers fast and cost effective transactions along with anonymity and security.