Bitcoin and what’s impact of coronavirus on currency nowadays bitcoin crashing the dollar and other currencies?
Bitcoin is a first decentralized cryptocurrency. Now, you might be wondering about what is cryptocurrency? In simple terms, Cryptocurrency is a type of digital or virtual currency which remains online. It is not controlled by any centralized government authorities or bank. It can be sent from peer to peer transaction (person to person) without the need of any mediator.
Who creates Bitcoin?
In 2009, it was created by a man named Satoshi Nakamoto. The purpose of creating Bitcoin was to generate an online currency that was not in control of any banking system and could be transferred from one place to another in a minimal transaction.
How is Bitcoin Mining done?
The easiest way to get Bitcoin worldwide is called mining. For this purpose, many powerful computers are simultaneously solving mathematical calculations or algorithms, so in return for solving these estimations, the computer owner is rewarded with a few Bitcoins.
What is meant by the peer to peer transaction?
Peer to peer (p2p) network is a decentralized network in which each party has similar capabilities and either party can inaugurate a communication session. Resources are shared from one person to another via peer to peer transaction without the use of any centralized administrative system.
What are the impacts of Bitcoin on the economy?
Here are some important influences :
i) The politicization of money:
In most monetary money transactions today they are enabled through central banks. With the evolution of Bitcoins, the scenario has changed and these handling power has impacted the economic market structure