Bitcoin Price Chart | Live BTC Price Index & News – FreeBitco.in

Bitcoin happens to be the oldest and most popular cryptocurrency in the world. Beginning with the basics, there are three major aspects of Bitcoin; its origin, the technology behind it (or how it works) and the utility of Bitcoin as money. It was launched on 3rd January 2009 by the mysterious developer or group of developers called “Satoshi Nakamoto”.

The Bitcoin network is not governed by a central authority. You don’t need a middleman to carry out financial transactions; moreover, bitcoins are stored electronically, which is why Bitcoin was launched as a “Peer-to-Peer Electronic Cash System”. Bitcoin possesses multiple qualities that distinguish it from traditional fiat currencies.

It does not exist physically; it is mined independently by people that have the resources to do so; it is stored and maintained using strong cryptographic keys (or passwords), which is why it is called a ‘cryptocurrency’. It runs on a distributed ledger technology called blockchain that records every transaction on the network.