What is Bitcoin in WiKi? – Bitcoin is the name of virtual currency developed in 2009 by someone with pseudonym Satoshi Nakamoto. This is basically similar to Dollar, Pound sterling, and other currencies but it is only available digitally. In today’s world in which anything can be accessed by using internet, the presence of Bitcoin is considered very helpful.
Mainly, it is for people who are interested in investment and trading. More than that, there are many transactions that can be paid by using Bitcoin. So, What is Bitcoin in WiKi? do you want to know more about this digital currency? Here is then how Bitcoin works.
How does Bitcoin work? The way Bitcoin works can be explained through some features available. First, it is the feature of instantly transferring peer to peer. Peer-to-peer means that Bitcoin can be run without having central server. The server is decentralized and distributed into some servers run by each user connected into the network.
Second, it can be transferred anywhere. Different from gold, Bitcoin can be transferred anywhere in seconds whenever and wherever you want. It is so easy to be transferred by only using a Smartphone and internet connection.
Third, the transfer cost which is relatively low. It is so interesting since you may not need to think about the transfer cost. Yes, not only is it really low but the cost can also be deleted. Fourth, the transaction is irreversible. Once you transfer, it cannot be canceled for the exception the receiver sends it back to you.
Fifth, Bitcoin cannot be controlled by any organization and even the government. As it uses Block chain database that is not controlled by one side only, it is impossible for people to imitate or hack the transaction. In other words, it is really transparent.
Bitcoin is basically developed with idealism that good currency should not be controlled by certain parties even including the government and central bank. This statement is based on a strong assumption that the government is often careless in keeping the stability of economy. A good example is the worldwide monetary crisis happened some years ago.
There are also possibilities that people in those parties are not credible enough; they may be corruptors and the likes. Bitcoin concept, on the other hand, offers a method which is more trusted and transparent. It tends to relieve the users more since they must not feel worried that there is something terrible regarding their investment as long as it is still in the form of Bitcoin.
Is it safe?
This is a question which is often asked when people are interested to join Bitcoin. In fact, Bitcoin can be accessed by anyone, theoretically, it makes people tend to hack or scam it more easily. However, you can think about it from different perspective.
As anybody can monitor it, it is impossible for the qualified hacker to do the cybercrime without it is known by others. The system has been reviewed and the result is satisfying enough. So, this is the answer for; what is Bitcoin in WiKi?