Bitcoin is a decentralized digital cryptocurrency invented by an unknown individual/group (some people called him Satoshi Nakamoto) in 2008. This currency is based on an SHA—256 Hash algorithm, which is a 256- Bit hash function. SHA-256 is a cryptographic hash algorithm developed by NSA (National Security Agency) in 2001. The currency started to be used in 2009. The Bitcoin whitepaper was published on 31st October 2008. Bitcoin can be used by any person who can access an internet connection and can send it to any person in the world without any mediator. These transactions are carried by miners and verified by them and stored in Blockchain (distributed ledger).
So now the question comes, who controls the Bitcoin network?
The answer is, nobody controls the Bitcoin network, it’s a decentralized network and it is controlled by all of the Bitcoin users over the world. Its price totally depends on demand and supply.
Legality
Well, there’s no proper answer for this. Some countries have already given a green signal to this currency i.e., Canada & Japan, Australia, El Salvador, etc while some countries still restrict its use in i.e., China, Russia, etc.
Bitcoin vs. Banks
Bitcoin is P2P (Peer-to-Peer) currency, driven by its users all over the world. It has no central authority or any government hand to control it. Bitcoin came with the concept of abolishing the need for any intermediary system, banks, etc. Today. We’re much relied on these systems where they take advantage of transferring amounts in the terms of fees and service charge and they have all over the control of your money and account to stop and suspend it. While, in the case of Bitcoin, if you own the private key it means you own Bitcoins and you have full control over it. No intermediary is required and a very small fee to transfer it.
What is the future of Bitcoin?
It’s still a question about the future of Bitcoin because it totally depends on adoption. Only a few countries accept Bitcoin as a payment method. While some people still think it’s a good store of value against inflation. The majority are used to trade Bitcoin as a good earning source and most people believe that it is more valuable than fiat and it will be the future currency.
Where I can buy or trade Bitcoin?
Bitcoin is one of the top cryptocurrency in crypto markets and almost available in all the exchanges. One of the most trusted, reliable, and easy to use exchanges are:
You can use these exchanges for Buying/Selling or trading Bitcoin. Few support direct P2P Buying/Selling in Bitcoin and via fiat directly through Banks.
Also Read: What Is Blockchain?
Wallets