Jan 3, 2020 in BlockChain
Q: Bitcoin cryptocurrency in blockchain

1 Answer

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Jan 3, 2020

Bitcoin is decentralized cryptocurrency that was likely developed in response to the 2008-2009 global financial crisis.

Bitcoin is a public blockchain and doesn't have a centralized controlling authority like a Bank or Government.

The total amount Bitcoins that could ever be mined and circulated is fixed to 21 million.

This way, the value of each Bitcoin is dependent only on the supply and demand in the market and is free from centralized control and manipulation.

The transactions are verified and added to the bitcoin blockchain using fault tolerant Consesus algorithms like Proof of Work and Proof of Stake this prevents the double spending problems.

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