Cryptocurrency is gaining so much popularity today as more and more people realize the efficiency and safety of such a transaction. Bitcoin, in particular, is the first and most popular cryptocurrency leading to the presence of bitcoin hosting. We will dig deeper into what bitcoin is all about in this article.
Bitcoin is a decentralized digital currency enabling you to purchase, sell, and exchange without an intermediary such as a financial/banking institution. It is a digital currency created by Satoshi Nakamoto; he created such online currency as the need for an electronic payment system arose. However, it uses cryptographic proof instead of trust.
Safety of bitcoin transaction
A transaction involving bitcoin ensures safety and transparency as it exists on a ledger accessible to everyone. Hence, it is difficult for the transaction to reverse and fake. A central institution does not control it, and the one that decides its value is the people, just like other commodities like gold. It was publicly launched in 2009, and since then, it has improved dramatically, popularity and value-wise. Its most recent value is over $62,000 per coin as of October 26, 2021. Its value is expected to rise in the coming years as its supply is limited to only 21 million coins. Aside from the limited number of coins, more and more institutional investors are beginning to see its value and start treating bitcoin as digital gold. Investors looking for a hedge against inflation and market volatility can add bitcoin.
Bitcoin has indeed come a long way, from a digital currency only a few people understand to a currency that investors consider investing as a means of having a hedge against inflammation. Many institutions and groups are now hosting a bitcoin as they realize that it is a lucrative option.