Bitcoin is known as the ancestor of cryptocurrency, as it withholds the title due to it being the first cryptocurrency ever created and successfully implemented before 2009 by Sakoshi Nakamoto.
In the following, Bitcoin will be explained briefly to help readers understand the relevant information:
1. Form of Cryptocurrency
Furthermore, what makes cryptocurrencies interesting is that they have no physical properties but they have the value to exchange with some goods in the real world.
2. How Bitcoin is used
First of all, Bitcoin was made with the idea of being used as a type of currency in transactions only. But in reality, the world is turning into a fast-pace mode on adopting digitalization. Instead, the usage of the cryptocurrency has been further enhanced, so currently it can be treated as an investment. Important to note, is that the visible difference of cryptocurrency compared to common stocks exchange is its high volatility.
Moreover, with the purpose of removing intermediaries during transactions that forms a peer-to-peer that provides transparency. Additionally, the functionalities and features cryptocurrency provide are enhanced further parallel with the advancing technology world.
3. How Bitcoin is valued
During the implementation of Bitcoin, it is decided there could only be 21 million supply of BTC token to be mined. In fact, this makes it become scarce thus having higher potential values compared to existing materials like golds, as gold can still be mined and the amount left for gold to be mined is not measurable.
Other than that, influencers could affect the worth of cryptocurrency through how they value them and also the usage in the current world or even the digital world. For example, a single tweet from Elon Musk, CEO of Tesla Motors in the past stating that Tesla could be bought with Bitcoin, then the price skyrocketed in the cryptomarket.
4. How Bitcoin is stored
Generally, cold or hard wallets can store Bitcoin, just like any other cryptocurrencies.
For more blogs post, please visit here.
