one single entity controls this currency. Confusing? Yeah most people think too so at first. The general concept of currency and money is that a bank controls it, that there are rises and falls in its value based on the global market, and that you can physically hold it. Bitcoin defies all of these. It is, in fact, controlled by everyone who uses bitcoin as the software used for this currency logs and validates who log and validates activities of the bitcoins across the globe. There’s a finite number of bitcoins. You would think that because there’s no need to physically print the bills or mint the coins that there could be an infinite number of bitcoins in existence; however that would devalue the currency and render it worthless. Instead, there are exactly 21,000,000 coins. Bitcoins have no inherent or set value. If you look at a dollar bill, you know that it is simply a piece of paper with a number on it and some fancy pictures saying that it is “worth” $1. It, in fact, only has value because we say it does. Bitcoins are the same way. Those little digital pieces of code are only worth money because people say they are and want to trade real goods/services for them. The more popular bitcoin gets, the more value is going to be placed on each individual bitcoin.
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one single entity controls this currency. Confusing? Yeah most people think too so at first. The general concept of currency and money is that a bank controls it, that there are rises and falls in its value based on the global market, and that you can physically hold it. Bitcoin defies all of these. It is, in fact, controlled by everyone who uses bitcoin as the software used for this currency logs and validates who log and validates activities of the bitcoins across the globe. There’s a finite number of bitcoins. You would think that because there’s no need to physically print the bills or mint the coins that there could be an infinite number of bitcoins in existence; however that would devalue the currency and render it worthless. Instead, there are exactly 21,000,000 coins. Bitcoins have no inherent or set value. If you look at a dollar bill, you know that it is simply a piece of paper with a number on it and some fancy pictures saying that it is “worth” $1. It, in fact, only has value because we say it does. Bitcoins are the same way. Those little digital pieces of code are only worth money because people say they are and want to trade real goods/services for them. The more popular bitcoin gets, the more value is going to be placed on each individual bitcoin.
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto, who published the invention in 2008 and released it as open-source software in 2009. The system is peer-to-peer and transactions take place between users directly, without an intermediary.:4 These transactions are verified by network nodes and recorded in a public distributed ledger called the block chain, which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed[note 5] and it is more correctly described as the first decentralized digital currency. Bitcoin is the largest of its kind in terms of total market value. Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. This activity is called mining and miners are rewarded with transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can be exchanged for other currencies, products, and services. When sending bitcoins, users can pay an optional transaction fee to the miners. In February 2015, the number of merchants accepting bitcoin for products and services passed 100,000. Instead of 2–3% typically imposed by credit card processors, merchants accepting bitcoins often pay fees in the range from 0 to less than 2%. Despite the fourfold increase in the number of merchants accepting bitcoin in 2014, the cryptocurrency did not have much momentum in retail transactions. The European Banking Authority and other sources:11 have warned that bitcoin users are not protected by refund rights or chargebacks. The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and media. Criminal activities are primarily centered around black markets and theft, though officials in countries such as the United States also recognize that bitcoin can provide legitimate financial services.