It’s important to understand what the cryptocurrency actually is and how it works, as Bitcoin popularity continues to rise. Our friends from BitcoinPlay has created awesome infographic “58 Insane Facts About Bitcoin.”
Bitcoin was launched in 2009 as an alternative form of money against fiat currency like dollar and euro. It is a form of digital currency, created and held electronically. The main idea behind the digital currency is that it is not controlled by central authority. In view of the current economic situation, it seems that bitcoin could emerge as a new decentralized global form of payment.
Satoshi Nakamoto, a software developer, proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
Conventional currency has been based on gold or silver. Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back (although this didn’t actually work in practice). But bitcoin is based on mathematics.
Around the world, people are using software programs that follow a mathematical formula to produce bitcoins. The mathematical formula is freely available, so that anyone can check it.
The software is also open source, meaning that anyone can look at it to make sure that it does what it is supposed to.
To start with Bitcoin you just need to open a digital wallet and a bank account. You can book a hotel or a flight, buy an apartments, eat something or purchase any Microsoft product. Many online shops are accepting Bitcoin now, where you can buy anything you need.
The price for one Bitcoin now is $3,857 (as of September 21, 2017), which is more than twice its price back in January 2017. The main reason for this surge is China’s growing interest in digital money, and Bitcoin in particular. Bitcoin will continue expanding in the upcoming years, as more governments continue to adopt the technology.
You can take a look at the infographic below to discover new interesting facts about Bitcoin.