Bitcoin is a kind of currency that present only in the digital world. The technology was created by an individual screening under an identity named Satoshi Nakamoto. To this day, the creator or inventors of the system never materialized, maintaining an anonymous status.
Bitcoins are not printed like common currencies as there are no physical representations for the cryptocurrency it is created by users and many businesses through a procedure called mining. This is where software solves all the mathematical problems in exchange for the virtual currency.
A user gets control of it using electronic devices, which also serves as the medium to complete transactions with the help of various platforms. It is also kept and secured with the use of virtual wallets. For the safe storage of bitcoins, you can also use ledget wallet.
Characteristics of Bitcoin
Bitcoin has the characteristics of traditional currencies such as buying power, and investment applications using online trading tools. It works exactly like conventional money, simply in the sense that it can only exist in the digital world.
One of its unique characteristics that cannot be matched by fiat currency is that it is decentralized. The currency does not run under a governing body or an organization, which means it cannot be managed by these entities, giving users full control of their bitcoins.