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The Evolution of Bitcoin

The Evolution of Bitcoin

Bitcoin is a cryptocurrency that was created in 2009 by one or a group of software developers who called themselves Satoshi Nakamoto. The primary motive was to introduce a new peer-to-peer online cash system that is not regulated by any bank or central authority bodies. Presently, it has a total value of approximately 9 billion U.S. dollar. It is also regarded as ‘digital gold,’ no wonder why.

Blockchain, the technology used ensures anonymity for the users making it a fast, safe and increasingly-popular method for making transactions. The BTC network depends on the Blockchain technology which is a shared public ledger. All the transactions made are stored in the form of a block. As more transactions are made, more blocks are added to it creating a chain. Without the spender’s verification, no trade can be processed which makes it a trustworthy payment option around the world.

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