What is Bitcoin? | MineBest

Do you want to know what Bitcoin really is? Before it attracted the attention of thousands
of people, in October 2008, an internet user known as “Satoshi Nakamoto” suggested
the idea of a new, independent currency. The open-source version of Bitcoin code was
released two months later. The first block in the Bitcoin blockchain
was created, and that was the rise of Bitcoin. Since then, Bitcoin has changed the way that
society views global finance and banking. The fees are relatively low for transactions,
and funds can be transferred in a short period of time, regardless of the amount and the
distance between both sides. There is no central authority overseeing the
transactions because the Bitcoin network is decentralized, in contrast to banks. The total possible supply is limited to 21
million Bitcoins, which will be reached in 2140. Bitcoins are stored in digital wallets that
are accessible only to the owners of the wallets. They can easily be used to buy goods or services
both digitally and physically. All trades are carried out in a peer-to-peer
network based on nodes – called the blockchain. The network requires computational power provided
by ‘miners’ – machines built especially for mining Bitcoin – to make those transactions
secure and less susceptible to fraud. Each transaction is verified by miners to
be approved. The identity of users might be hidden while
the user follows a few simple rules. Nowadays, Bitcoin is considered a great investment
– it’s encrypted, simple, and convenient! Discover the life-changing opportunity of
Bitcoin mining.

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