What is bitcoin?
Bitcoin is a digital cryptocurrency that is not controlled by any one person or group but rather the people involved in the network in a consensus network. Its ledger technology is called blockchain and it is causing all sorts of positive change in the world through decentralization and transparency. The technology is now being incorporated into industries around the world and is the future change that we will see in the way organizations are run, managed and funded.
Bitcoin is not just a currency. It is also a means to transfer its native currency around the world in an extremely safe, anonymous and fast transaction regardless of borders. Even if two countries like Iran and Israel don’t have banking connections, people can send money in between through bitcoin. It is free market and good aspects of capitalism all in one, something the world has been deprived of ever since the governments have controlled currencies and forced citizens to obey rules.
But why is bitcoin worth this much money?
Bitcoin started off less than $0.1 but since then its worth has increased to more than $15,000 and counting. The increase in the bitcoin’s price is largely attributed to the mounting interest in the currency as a long-term asset, a short-term trading solution and a means to transfer money. All three of these have been a big money spinner before and are likely to continue to be so.
How is Bitcoin secure?
Bitcoin is secure because of its decentralized network, team of miners that help secure the network and its consensus-based network. The bitcoin network is the most secure network in the world because of the sheer computing power being used by it. The bitcoin network, if taken all at once has millions of times more computing power than the most powerful supercomputer ever made and thus breaching it is impossible due to its decentralization and heavy cryptographic transactions.