Bitcoin, the virtual currency created back in 2009, uses Blockchain technology for secure payments and storing money, not requiring a bank or people’s name. A comparison can be made between Bitcoin and the internet, as the internet allows free circulation of information, the same way this currency liberates money. Bitcoin is not under the control of any government or private company. Accordingly, people are free from paying transaction fees. Bitcoin allows anonymous transactions as all you need is simply your Bitcoin address and that of the receiver, without counting your private key of course.
Let’s read some basic information about Bitcoin before you scroll the page down:
- Unlike conventional money, Bitcoin is based on mathematics and is completely decentralized.
- Bitcoin works on a public ledger, also known as blockchain, which keeps the record of all transactions made by the users of the Bitcoin network.
- Refunds are not possible for Bitcoin transactions.
- Bitcoin can be spent online and at select retailers which include sushi restaurants, Dell stores, pubs etc.
- There are 5.8 million users who have cryptocurrency wallets, according to a research conducted by the University of Cambridge.
- University of Nicosia, Cyprus, was the first university to accept Bitcoins for paying academic fees.
- There are 1354 Bitcoin ATMs worldwide, available in 55 countries, by 21 ATM producers and 231 operators.