What is Bitcoin? | Merit Forex
What is Bitcoin?
Bitcoin is a form of digital currency created and managed in an electronic environment. No one controls Bitcoin. Bitcoins aren’t printed like other currencies dollar, euro etc. They are generated by people, and running huge computers system all around the world, using complex software that solves mathematical problems.
Bitcoin is the first and biggest example of an expanding category of money known as the cryptocurrency.Bitcoin’s date of birth 2009 and creator is the unknown person using the nickname Satoshi Nakamoto.
What makes it different from normal currencies?
BitCoin is basically the same as other currencies. Can be used to buy anything in the electronic environment. This is the way it’s like traditional euros, dollar or yen, which are also spent digitally.However, the most important attribute of BitCoin, and the thing that makes it extremely different to traditional money is that no single control mechanism on the bitcoin network.
Who prints it?
No one prints Bitcoin. Bitcoin isn’t physically printed by central banks and it is making it’s own rules. Central banks can print more money according to their needs or economic situation. Bitcoin is mined digitally by a community that everyone can join. Bitcoin is produced by means of mining using powerful computers.