Bitcoin is the first ever decentralized cryptocurrency, digital asset created in the world. Bitcoin was created in 2009 by someone under the name of Satoshi Nakamoto. Bitcoins and other cryptocurrencies are generated through a process called mining.
Bitcoin is electronically held by users in an online or offline wallet. Unlike traditional bank notes and coins, bitcoin cannot be printed.
Benefits of Bitcoin:
There are numerous benefits to using bitcoins such as:
- that there is a low inflation risk as bitcoin is limited to twenty-one million bitcoins. In comparison to money issued by governments around the world, bitcoin cannot be inflated.
- Bitcoin can be used to transfer any amount of money between anyone anywhere in the world who has access to a wallet- a software used to store, receive and send bitcoin from.
- Bitcoin can be used as a form of payment to purchase products, services and other cryptocurrencies from all over the world. This could be from a variety of online retailers to other merchants outside the web.
What is bitcoin cash?
According to bitcoincash.org, ”Bitcoin Cash is the continuation of the Bitcoin project as peer-to-peer digital cash. It is a fork of the Bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale”.