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What is Bitcoin and Why is it Important?

Started by Sub5, Jun 01, 2019, 10:35 am

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Sub5

Before we go into what Bitcoins is, i will like to tell you what Cryptocurrencies is.

Cryptocurrencies: These are decentralized payment systems that allow people to send currency to one another over the web without the need for a trusted 3rd party like the banks or financial institutions.

There are about one thousand five hundred cryptocurrencies in the market as at 1st Feb 2018, and they include;

    Bitcoin
    Litecoin
    Etherum
    Ripple
    Jetcoin
    And many many more.

As you already know, our focus in this post is Bitcoin, the most popular and widely used cryptocurrency.

Sub5


Sub5

Now what is Bitcoins?

A bitcoin is a type of cryptocurrency and also a global payment system. Put simply, it is a form of digital currency/money.

It is the first currency that was completely decentralized without banking or government control and is the most popular cryptocurrency in the world.

Bitcoin can be used to pay for things electronically if both parties are willing. In that sense, it's like conventional dollars, euros, or yen,  only that it is digital.

But it differs from paper/fiat currencies in several ways, which makes it an important technology.

Sub5