What is Bitcoin?


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    What is Bitcoin in General Terms?

    Bitcoin (BTC), which emerged in 2008 with the definition of “Peer-to-Peer Electronic Cash System”, is a digital currency that is not managed by any central authority, is built on blockchain technology and works differently from traditional currencies. Bitcoin is referred to as a “cryptocurrency” because it is cryptographically secured.

    What Exactly Is Bitcoin (BTC)?

    Emerging on October 31, 2008, when a person or group with the pseudonym Satoshi Nakamoto published a whitepaper called “Bitcoin: Peer-to-Peer Electronic Cash System”, Bitcoin was born with the principle of eliminating the need to trust third-party payment systems, banks and intermediary institutions.

    Today, the role of financial intermediaries in providing trust is no longer a necessity, as the two parties directly connect with each other thanks to the technology underlying Bitcoin.

    Who Created Bitcoin?

    Satoshi Nakamoto is the person or people who created Bitcoin. The identity of Satoshi Nakamoto still remains a mystery. The name Satoshi Nakamoto first appeared in the Bitcoin White Paper published on October 31, 2008. Satoshi, whose real identity, age, and whether he is still alive, is the owner of the first Bitcoins produced. He is also the first person to transfer Bitcoin.

    👁️ The creator of Bitcoin, Satoshi Nakamoto, concealed his identity, enabling Bitcoin to become a community-owned cryptocurrency with no owner or centralized management. Bitcoin has managed to become a worldwide accepted cryptocurrency among thousands of cryptocurrencies in the cryptocurrency ecosystem.

    How Does Bitcoin Work?

    One of the most important concepts about Bitcoin is decentralization. No authority, central bank, head of state, company or organization controls the Bitcoin network. In today’s traditional financial system, the whole order is based on a central landscape. However, there is only a group of volunteer coders behind Bitcoin. All transactions and transfers take place without intermediary between individuals.

    One of the factors that make Bitcoin valuable is “limited supply”. The main actors of the traditional financial system, such as the dollar, the euro, and the Turkish lira, can be printed an unlimited number of times. However, the production of Bitcoin is limited to 21 million units. One of the most basic statements of financial theories says that if supply remains constant while demand increases, the price will always increase. The fact that the demand for Bitcoin has been constantly increasing since 2008, while the supply has been limited, confirms these basic statements.


    Source: BTCTurk

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