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❓Ask What Is Bitcoin? Short Explain

INPS Staff

INPS Staff

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Bitcoin Is a Cryptocurrency which was Introduced in 2008 by an Unknown People or group Called Satoshi Nakamoto. However, It is Controversial and mysterious who invented Bitcoin. In 2009 It was released to the public as Open Source Network.


Nowadays, It was Popular as Decentralized Currency means no need for a third party for Your Transition. Third-Party Can Be consider as Central bank or any administrator who verifies You or your Transition. In other words, you no longer needed PayPal, Visa, or even a bank to transfer currency anywhere in the world. Your Transition will work on a peer-to-peer bitcoin network without the need for intermediaries.

Your Transition will be Verified Through cryptography and recorded in public distributed ledger called a blockchain. Bitcoin is Popular with Decentralized Currency So any single institutes, Government or Company controls the Bitcoin. The network is maintained by groups of dedicated computers that are spread around the world. Bitcoins are Created By mining and can be exchanged for other currencies, products, and services.

If You are Bitcoin users Your Identity is Kept Secret. There are no any institute, Agency or government need to verify who you are. Your Transition also Controlled By Algorithm So who you are or when You purchase Bitcoins all are Anonymous. Therefore, this makes the Bitcoin currency ideal for criminals, money-launderers, and terrorists. Your identity is kept a secret when making all transactions online.

In every hour a small amount of Bitcoin is produced. This will continue until the cap is reached. Once 21 million Bitcoin has been produced it stops. IT is hard to say that will demand and Supply Of bitcoin will Stop or Not. Therefore, so If demands increase value Of Bitcoin also Increases.

The Smallest Unit Of Bitcoins Is Satoshi. 1 Satoshi = 0.00000001 BTC

Thank You.
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