Introduction to Bitcoin

Bitcoin is the first successful cryptocurrency running across the globe.

Bitcoin Introduction

Bitcoin white paper was released in October 2008 by a single person or a group of people, known as Satoshi Nakamoto.

Bitcoin is a decentralized digital currency. It is not in control of any central bank or any government. Bitcoin does not need the help of an intermediary like a bank, to move online from one person to another.

Bitcoin as currency

Like any other currency, bitcoin performs all the functions of money. It is

  1. Medium of Exchange
  2. Unit of Account
  3. Store of Value

Bitcoin can be used between two people as a medium of exchange like digital cash. There is no need for an intermediary to be present to generate trust between them to complete the transaction.

And bitcoin is a scarce currency therefore it plays perfectly as a store of value. As with time, demand for bitcoin will increase it is expected to increase the value of the bitcoin.

 

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