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Understanding Bitcoin — The Unconventional Payment System

Bitcoin is not a money either, you cannot use Bitcoin the way you use Dollars, Yen, Russian Ruble, Euros, Rupees and other Fiat currencies in your day to day life. In Bitcoin, currency is the first application in simpler words, Bitcoin is a platform in which you can run currency as an application.<br>

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Understanding Bitcoin — The Unconventional Payment System

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  1. Understanding Bitcoin — The Unconventional Payment System

  2. Bitcoin is the world’s first cryptocurrency that was brought to life by a pseudonym, Satoshi Nakamoto on January 3rd in the year 2009. Bitcoin was the first coin to adopt Blockchain technology in its core. Bitcoin is not “nerd money” neither is it meant for “gambling.” Bitcoin is not a money either, you cannot use Bitcoin the way you use Dollars, Yen, Russian Ruble, Euros, Rupees and other Fiat currencies in your day to day life. In Bitcoin, currency is the first application in simpler words, Bitcoin is a platform in which you can run currency as an application.

  3. Satoshi Nakamoto invited people via bitcointalk.org to participate in running the network and this invitation let the people know about the working principle of Bitcoin network. Bitcoin is the software application that runs on a person’s computer and this application allows one computer connect with other computers running the Bitcoin software. This mechanism creates and transmits the value in the form of transactions which are encoded in digital format that contains information.

  4. The Bitcoin money otherwise known as BTC cryptocurrency token cannot be seized, neither can it be frozen, censored and intercepted. Through Bitcoin, anyone in the world can download the application and attain the same power that institution of banking have today. Every participant in the Bitcoin network is equal.

  5. Bitcoin is not made only to be used in the Dark Web. In future, Cryptocurrency can be used to buy food, health care, sanitation, education and shelter. Cryptocurrencies like Bitcoin provide people the opportunity to transact with everyone in the world. “Askrypto community is a medium where people can ask questions and share knowledge about cryptocurrency, Blockchain, Bitcoin, Ethereum, Ripple, and similar topics. So, come forward and join Askrypto and become a part of this community.”

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