Bitcoin was the first cryptocurrency to get the ball rolling. In an era dominated by centralized organizations, Bitcoin took over and gained the trust of people around the world. Created as a solution for the corrupted centralized financial system, Bitcoin was the first decentralized cryptocurrency to have ever come into existence.
Due to the immense support that this digital asset has acquired over the years, the price of Bitcoin increased exponentially. Due to this exponential increase in its price, several investors were attracted to the benefits that it had to offer.
Who is the creator of Bitcoin?
Even though it has been a decade since Bitcoin was released, the actual creator of this digital asset is still a mystery. Right after the biggest financial crisis of 2008, a white paper of Bitcoin was released in a crypto mailing group by a man named Satoshi Nakamoto. Millions of people around the world praise his creation. Even after such great appreciation for his work, the mysterious person still remains unknown to the world.
Bitcoin was created as a solution for the existing centralized fiat currency. Even though it has not yet achieved complete adoption, the uses of this digital asset are truly amazing.
1- Seamless P2P transactions: All P2P transactions on the Bitcoin network happen effortlessly. One might think that this process is tedious due to the absence of a centralized organization. The decentralized network makes it easy to use Bitcoin around the world. Even cross border transactions using Bitcoin are several times faster and cheaper than the centralized transfer methods. Furthermore, Bitcoin is highly divisible. Thus, facilitating users to send the exact amount in transactions.
2- Extremely secure: Bitcoin uses the blockchain ledger to store details of all transactions. Due to the decentralized nature of this network, it is extremely secure from all forms of attacks on a centralized server. Additionally, it is impossible for someone to use the funds in your wallet without any accessibility to the private keys.
What’s Next For Bitcoin?
Bitcoin is the most promising cryptocurrency for replacing the centralized financial methods. With its main aim being mass-adoption, Bitcoin is capable of getting the world rid of all forms of corruption; thus, leading to a better future for all of us.