Currency is a crucial entity that states about your class, status, and how successful you are. The currency of every country is of different values as it depends on different factors. What if there is a global currency? Yes, that would be an easier way to measure the value of the currency you have throughout the world. BITCOIN, as said by Kraken CEO is going to be the global currency.
Let us now know what this is so-called global currency bitcoin is.
What is Bitcoin?
Bitcoin Revolution or BTC is a cryptocurrency or virtual currency that is it is not physical currency. There is no legal issue by any banks or governments. It had made such an effect that it caused the launch of other cryptocurrencies. This currency uses peer-to-peer technology for instant payments.
Who is the founder of BITCOIN?
Satoshi Nakamoto is known to be the founder of BTC. But is he the real founder or just name used by the group as per the rumors over the internet?
In March 2014, Newsweek claimed Dorian Nakamoto as the founder of BTC. But Dorian strongly denies the very fact of being the same.
Wired Magazine, in 2015 claimed an Australian scientist Craig Writer to be the founder of BTC, and even he claimed to be involved a lot in the foundation of BTC. Soon he was criticized as a fraudster as evidence was backdated.
Later in the book, “Bitcoin: The future of money?” written by D. Frisby identified Nick Szabo as Satoshi Nakamoto as he worked on Bit Gold, a decentralized currency that is similar to BTC. He also found the way of writing of both the personalities is the same.
So to date, there have been more than one Nakamoto as it was the name used as the founder but no one knows who is that personality? We might have more options for Nakamoto in the future but to date, these three are the disputed founders of BTC.
Need for the creation of BTC.
As we all know that necessity is the mother of invention. But what made it a necessity for the creation of BTC? Let’s try finding it out too.
Well since all the transactions need to rely on banks for authorization, but in 2008 an event of the Great Financial Crisis caused the necessity of having a payment method that shouldn’t rely on banks.
So Mr. Nakamoto used his very talented brain and boom BTC for everyone. He created BTC for peer-to-peer transactions without having banks as intermediates for authorizing the transactions. But the question arises, then how will be the transactions proved? No worries mates, Blockchain is the answer.
What is Blockchain?
Blockchain is simply a data structure holding all the records of transactions and managing the security of each transaction.
They also state that BTC is used by the miners as an exchange for other currencies. They pay through BTC for other services and products too.
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