Who invented bitcoin and why? What is the need of bitcoin whereas we have INR currency in India?
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2 Answers
What is a Bitcoin (BTC) ?
By acting as money and a means of payment independent of any one person, group, or entity, a cryptocurrency like bitcoin eliminates the need for third parties to get involved in financial transactions. It is available for purchase on numerous platforms and is given to blockchain miners as compensation for their efforts in verifying transactions.
- By utilising the alias Satoshi Nakamoto, an unidentified developer or group of developers presented Bitcoin to the general public in 2009.
- According to market capitalization, Bitcoin, which debuted in 2009, is the biggest cryptocurrency in the world.
- Bitcoin, unlike traditional money, is produced, circulated, traded, and stored using a blockchain, a decentralised ledger system.
- The history of Bitcoin as a store of value has been tumultuous; during the course of its relatively brief existence, it has experienced numerous boom and bust cycles.
- As the first virtual currency to experience widespread acceptance and success, Bitcoin served as an example for a number of other cryptocurrencies.
Why Bitcoin was invented ?
In response to the Great Financial Crisis and the financial industry's reliance on banks as the middlemen for all financial transactions, the idea of Bitcoin was initially developed in 2008.
In order to eliminate banks from financial transactions, the system's creator, Satoshi Nakamoto, came up with the idea of developing a peer-to-peer payment system without the need for outside validation. In this manner, it was unnecessary for the banks to get involved in each and every transaction.
It would rely on the "proof of work" standard, which verifies transactions without the use of a central authority by employing mathematical methods (banks). The blockchain enters the picture in place of the central network.
What is a Bitcoin (BTC) ?
By acting as money and a means of payment independent of any one person, group, or entity, a cryptocurrency like bitcoin eliminates the need for third parties to get involved in financial transactions. It is available for purchase on numerous platforms and is given to blockchain miners as compensation for their efforts in verifying transactions.
- By utilising the alias Satoshi Nakamoto, an unidentified developer or group of developers presented Bitcoin to the general public in 2009.
- According to market capitalization, Bitcoin, which debuted in 2009, is the biggest cryptocurrency in the world.
- Bitcoin, unlike traditional money, is produced, circulated, traded, and stored using a blockchain, a decentralised ledger system.
- The history of Bitcoin as a store of value has been tumultuous; during the course of its relatively brief existence, it has experienced numerous boom and bust cycles.
- As the first virtual currency to experience widespread acceptance and success, Bitcoin served as an example for a number of other cryptocurrencies.
Why Bitcoin was invented ?
In response to the Great Financial Crisis and the financial industries reliance on banks as the middlemen for all financial transactions, the idea of Bitcoin was initially developed in 2008.
In order to eliminate banks from financial transactions, the systems creator, Satoshi Nakamoto, came up with the idea of developing a peer-to-peer payment system without the need for outside validation. In this manner, it was unnecessary for the banks to get involved in each and every transaction.
It would rely on the "proof of work" standard, which verifies transactions without the use of a central authority by employing mathematical methods (banks). The blockchain enters the picture in place of the central network.