In 2008 the World heard of the term cryptocurrency for the first time. This was also the year when it was officially presented to the public. In this context, we should mention the fact that this term also refers to other digital assets, virtual payment systems, and crypto trading assets. Most of you know that the first cryptocurrency that was ever created is called Bitcoin. It was first developed in 2008 by a man called Satoshi Nakamoto. The most important achievement of Bitcoin back then was the fact that it set the basis of the blockchain technology.

Currently, the technological development of humans allows all digital assets to be traded and transferred as easily as the others. This is also due to the fact that crypto currencies don’t have a physical form. They are 100% virtual. Still, some of them have the coin suffix at the end of their name. A curious fact here is that Bitcoin and Etchereum are the only digital assets which value can be directly exchanged for fiat currencies.

If we have to analyze the market situation for the past year we have to say that Bitcoin is definitely the hot topic in the online trading field. Everyone talks about this digital currency and this is all due to its diversity. Most of its supporters are very impressed by the freedom this cryptocurrency offers. Still, it is unregulated so the skeptics point this fact to lower the value of this currency.

Now, we are going to offer to our regular followers some basic information related to the Bitcoin and what it actually is. Read on to get the interesting details.

What is Bitcoin? First Look at The Cryptocurrency

First, we have to repeat here that Bitcoin was created by Satoshi Nakamoto (more about him later in the article) in 2008. Obviously, the creator of the cryptocurrency has achieved his goal to invent a web-based platform that is able to perform direct peer-to-peer transactions.

In 2009 the Bitcoin currency was made available in the form of an open-source piece of software so everyone who wanted to operate with a digital currency, could easily do it. The situation now is quite different thanks to the great changes that have taken place in the sector since then.

In the beginning, the currency was widely used by hackers, however, the things are different now. More and more people, big investors, companies, and even countries praised and utilize it to execute online trading transactions.

The greatest advantage and disadvantage of Bitcoin is the fact that it is unregulated. It is not printed on paper or something but is only available only. Real people generate it by dealing with some complex mathematician equations. This whole process is called crypto mining and we are going to provide you with more details about it later.

Who is Satoshi Nakamoto?

This is the alleged creator of the Bitcoin cryptocurrency, however, his personality is a mystery. No one is able to point or to say who Mr. Nakamoto is, so there are many different theories about him. Some financial experts believe that this is just a nickname and that many people were involved in the development of the first cryptocurrency. Others believe that a collaboration of some of the biggest companies in the world have united their power to create a virtual asset. Basically, the question about Mt. Nakamoto identity is still relevant to this date.

Bitcoin Whitepaper

The domain bitcoin.org was registered in August 2008. Only 3 months later, a mysterious group of people or a single man posted the original Bitcoin whitepaper. Allegedly, the man who created and posted this document was Satoshi Nakamoto. He is presented as a 36-years old Japanese man. When it comes to the document it is only 9 page long and its main goal is to outline the Bitcoin fundamentals. It was followed by the first open-source Bitcoin client. The first block was mined by Nakamoto himself. As a reward, he received 50 Bitcoin tokens.

What is The Price of Bitcoin?

Bitcoin has a price just like all the other currencies do. The interesting fact here is that the Bitcoin value is more reliable and stable than the price of the gold and the silver, for example. This information was published in 2016 as an article in The Wall Street Journal.

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According to the recent analysis the Bitcoin trading business is still considered to be highly volatile. The main reason for this is the fact that the cryptocurrency is still unregulated. This means that it could easily be used as a tool for manipulations of the market.

Bitcoin does not require the payment of any international transfers’ fees this is why it is so popular among the regular online traders. Another advantage of the Bitcoin is that it is absolutely decentralized, transparent and anonymous. Finally, it is simple to operate with. The great disadvantage of the currency is the fact that it is non-refundable. This means that each time someone sends a number of tokens, it cannot be returned.

Bitcoin – Is It Legal or Not?

To answer this question you should take into consideration the way and the place you are going to use the digital currency. For example, some countries have already accepted Bitcoin as a valid exchange method while it is completely forbidden in others. This is why you should keep yourself informed in order to achieve success in the Bitcoin trading field. If the platform continues to increase its popularity, it will most likely be accepted by a great part of the countries around the globe.

An Interesting Fact!

The development of the modern economy and the requirement of the advanced countries to be able to trade online was the initial reason why cryptocurrencies were created in the first place. Many financial specialists claim that this is the logical evolution of humanity, therefore, the changes will continue to happen and nothing can stop them. Bitcoin is just the next step in the financial transactions’ field.

Bitcoin Mining – What is It?

As you know very well, all the banks are able to print monetary amounts and devaluing their value by doing so. Here is the great difference with the cryptocurrencies and more specifically with the Bitcoin. In order to generate some amount of these crypto tokens, you will have to mine them. This process is usually executed entirely by computers. The list of transactions carried out during an appointed time period is called a block. All the available blocks are stored into a general ledger. This is why each time a new block gets completed, it should be processed.

How to Get Bitcoin?

Most of the people who want to get some Bitcoin tokens use to sign up for an online exchange platform. This is a smart move because the legit and reliable crypto trading solutions are able to generate satisfying and consistent results for their members. You just have to be sure that the particular system you have chosen is reliable and trustworthy.

In case you are new to the cryptocurrency trading business, you should first get familiar with different Bitcoin Wallets and exchange systems. Also, you should better trade by using the autopilot mode of your selected trading platform. Thus, the system will trade on your behalf.

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