Bitcoin is the original 2009 Satoshi Nakamoto is the first to introduce open source software created by the alias anonymous programmer (or a plurality of programmers) to use that (Satoshi Nakamoto). There have been numerous rumors about who is the founder of the BTC, but all those who have been named Nakamoto have publicly denied it.
Nakamoto himself claims to be a 37-year-old man living in Japan, but if he does not have a Japanese label in his fluent English or software, he suspects that Nakamoto is not really Japanese . By mid-2010, Nakamoto was interested in other things and left Bitcoin-related work with a few people in the BTC community. He also Gavin Andrew Davidson has also appointed (Gavin Andresen) as a senior developer.
According to some reports, Nakamoto owns one million Bitcoins, with a market capitalization of $ 3.6 billion as of September 2017.
Who controls Bitcoin?
According to Gavin Andreson, his first area of focus immediately after Nakamoto’s departure from the Bitcoin project was further decentralization. Andreson wanted Bitcoin to survive autonomously even if he was “hit by the bus .”
For many people, Bitcoin’s biggest attraction is its independence from any government, bank or company around the world. None of them can get involved in BTC trading, nor can they charge transaction fees or take people’s money. Moreover, Bitcoin’s transaction history is extremely transparent, so all transactions are recorded in a huge decentralized public ledger called blockchain.
While Bitcoin is not being controlled as a network, it gives its users total control over their finances.
How does Bitcoin work?
All you can see is the amount of Bitcoin and transaction history stored in your wallet.
But in the Bitcoin network behind it, the public ledger called ‘Blockchain’ shares the results. The ledger records all the transactions that have been processed.
Because it is a public ledger, mistakes or fraud attempts can be very easily caught and corrected by others.
The user’s wallet can check the validity of each transaction. The authenticity of each transaction is protected by a digital signature that matches the sender’s address.
Below are some main Characteristics of the Bitcoin Circuit:
- Decentralization: One of the main objectives of Satoshi Nakamoto’s focus on the creation of Bitcoin was that the network should be independent without interference from any government or private agency. The system is designed to work as part of a huge network of all individuals, companies, and machines involved in mining and transaction verification. What’s more, money is designed to keep working even if part of the network doesn’t work.
- Anonymity: Banks today know everything about their customers, including credit history, addresses, phone numbers, and shopping habits. Bitcoin, on the other hand, knows who’s doing what, because Wallet isn’t tied to an individual. Some people simply don’t want others to know what they are doing with their money, while others claim that people use this anonymity to do illegal or dangerous actions, such as drug trafficking or terrorism financing.
- Promptness: The Bitcoin network handles payments in near real time. For example, if a person sends money to someone at the other end of the globe, it can take only a few minutes. In contrast, bank transfers still take days.
- Irrevocability: If someone sends Bitcoin, it is impossible to cancel it unless the receiver returns it. Because of this characteristic, it is impossible to scam someone who sent money but did not receive it.
- High portability: One of the most important characteristics of money is its portability. In other words, it should be easy to carry around. Bitcoin is 100% digital currency, so you can easily carry it with your flash drive and store it online.
Crypto currencies give you the freedom to send and receive money just by scanning a QR code or clicking on an online wallet. Such a transaction can take only a few seconds and does not have to pay huge transaction fees like banks can do directly between individuals without going through an intermediate process. All you need is an internet connection. You can use the Bitcoin currency by sitting at your home itself also.