Updated 14 Sep, 2020 / Bitcoin

What is BTC?

You have probably heard friends or colleagues talking about BTC or Bitcoin or you’ve come across the term multiple times online. But what is BTC exactly and how is it relevant to your everyday life?

 

Bitcoin first made its appearance in 2009 and essentially kick-started the digital asset revolution. The mastermind behind the idea is the enigmatic Satoshi Nakamoto and to this day the person’s (or persons’) identity remains shrouded in mystery. The idea behind Bitcoin was that of creating a decentralized digital currency that is not linked to a governmental authority, central bank, or specific country. This is not, however, the only innovation that Bitcoin brought around. Thanks to Bitcoin it is possible to affect and receive transactions directly from other users without the need of a middle man. Interestingly, all Bitcoin transactions are verified through a sophisticated network of computers and recorded in a public ledger framework known as the blockchain.

Over the years Bitcoin has increasingly gained traction and is now used in many everyday activities across various countries. For instance, in parts of the world where this digital asset is particularly popular, it is possible to utilize it in exchange for services and goods. Bitcoin ATMs are also a common feature in many tech-savvy cities.

For many, it is also the preferred method through which they exchange funds with people within their network. Indeed, unlike traditional currencies, Bitcoin is not susceptible to inflation. This is also coupled with the fact that there are no third parties involved since all transactions are conducted through a peer-to-peer system. As result, no governmental authority can claim an individual’s digital coins. Furthermore, reduced transaction fees and lower fraud risks make Bitcoin an increasingly attractive solution for individuals and businesses globally. It is no wonder that 299,733 daily Bitcoin transactions were recorded in the first quarter of 2020.

The Bitcoin revolution started 11 years ago and there are no signs of it slowing down. As Bitcoin adaptation gains even more traction, the cryptocurrency will increasingly become part of our lives. So, what are you waiting for? Join Zeply and become part of the crypto world today.

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