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Bitcoin
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0
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asked
Feb 25, 2020
in
BlockChain
by
miceperry
What is Bitcoin?
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Answer
0
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answered
Feb 25, 2020
by
miceperry
Bitcoin
Bitcoin is a 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 Consensus algorithms like
Proof of Work
and
Proof of Stake
this prevents the double-spending problems.
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