“Cryptocurrency” has appeared for a long time in the global market since the 90s of the last century when the era of information technology and digitization exploded. Originating from novel ideas about the commercialization process, it is not until the 21st century that cryptocurrencies really explode and are well received by many investors around the world. Which, the Bitcoin cryptocurrency is considered to be the most influential on the market, creating the beginning of the Blockchain technology era that is becoming a global trend today. So what is Bitcoin? Why is Bitcoin so well received by global investors? Let’s find out with 5ROI Global through this article!
1. Bitcoin Cryptocurrency Overview
Bitcoin (or denoted as BTC) was created by an anonymous programmer on March 1st, 2009, and is the first electronic currency in the world, laying the foundation for the formation and development of blockchain technology. Besides, Bitcoin is also known as a decentralized system, using a peer-to-peer protocol (Peer-to-Peer, also abbreviated as P2P) on the Blockchain platform for all transactions. It can be understood that it eliminates the third party, cryptocurrencies will be traded directly from person to person.
In today’s market, Bitcoin cryptocurrency is showing remarkable success and influence on global investors. It is estimated that from 2009 to now, thousands of cryptocurrencies have been born. Despite having to compete with many strong and extremely potential competitors, Bitcoin has maintained its leading position for more than 12 years. formation and development. This has confirmed the great value that Bitcoin brings to the Blockchain market in particular and the global financial market in general.
2. Bitcoin Cryptocurrency Information
- Name: Bitcoin
- Symbol: BTC
- Formation date: 03/01/2009
- Maximum total supply: 21,000,000 BTC
- Website: https://bitcoin.org/
- Whitepaper: here
- Source code: here
3. Outstanding advantages of Bitcoin cryptocurrency
Operations based on Blockchain technology
Blockchain has played a core role in almost all cryptocurrency projects today. In particular, the cryptocurrency Bitcoin is considered a pioneer in the application of Blockchain technology. Data once saved on the Blockchain platform is almost impossible to delete or change by any individual or organization. Even the smallest change must undergo verification and consent of the entire community participating in the Blockchain network.
Therefore, the transaction data with Bitcoin will always be saved most completely, helping investors to buy and sell, even though they do not know each other, can still make transactions safely absolutely.
As mentioned above, Bitcoin is one of the pioneering cryptocurrency projects in data storage applications with Blockchain technology. By catching up with the global technology trend, Bitcoin has created a solid foothold in the market and a superior competitive advantage over current direct competitors.
Decentralization
As mentioned in the concept section, one of the main goals of programmers when creating Bitcoin is decentralization or independence from the control of a third party like the Bank. This network is designed so that each investor, each business as well as the equipment used in mining and transaction confirmation will be the main components of the vast network. In addition, even if part of the system fails or worse, it crashes, money continues to circulate in the market.
Neutrality and transparency
Every transaction, as well as information about Bitcoin, is public on the Blockchain network. Investors can check and use this cryptocurrency in real-time. Besides, the protocol of Bitcoin is also encrypted, so investors or businesses cannot interfere, control and dominate. As mentioned above, this network is completely decentralized, no one can completely control it. Therefore, Bitcoin is said to be one of the most transparent and neutral advanced technologies to date.
Security and control
Bitcoin can be controlled by the investor when making transactions, anyone cannot make withdrawals from that investor’s account without receiving authorization from the owner. Moreover, in the case of payment, no one can easily steal transaction information from individual investors or businesses like traditional credit cards.
Bitcoin investors can also protect their assets by backing up their private keys. In addition, personal information or identity is also kept safe, not disclosed through the transaction process.
Convenience when making transactions
It can be said that one of the characteristics of money (including fiat money and electronic money) is convenience, ease of carrying and use. Bitcoin is no exception, formed by digital technology, all funds can be kept in an application or hardware wallet.
Bitcoin cryptocurrency gives investors the freedom to send and receive money simply by scanning a QR code or through simple access to an online wallet. It takes almost no time, plus low transaction fees and money transfers directly from one person to another without any third-party intermediaries because of its decentralization. All investors need is an Internet connection.
Bitcoin Cryptocurrencies Can’t Be Counterfeit
One of the most common ways of counterfeiting in the world of digital technology is using the same cryptocurrency twice, making both transactions fraudulent. This phenomenon is called double-spend. To solve this problem, Bitcoin, unlike other cryptocurrencies, uses Blockchain technology and many other consensus mechanisms to build entirely by algorithms to create a complete protocol.
4. The Future of Bitcoin Cryptocurrency
After more than 12 years since its formation and development, Bitcoin has been firmly in the leading position of the global cryptocurrency market. More and more countries, major payment systems in the world accept Bitcoin cryptocurrency as a legal and official payment method. In particular, at the beginning of 2021, the price of Bitcoin continuously made an unprecedented peak in history. Not only that, with the Blockchain technology platform that is creating the current trend, Bitcoin is expected to make new breakthroughs in 2022.
5. Conclusion
Above is the information compiled by 5ROI Global, hopefully through this article investors will have useful information as well as strong motivation to participate and invest with Bitcoin in particular and cryptocurrencies in particular. in this year 2022.
Let’s join 5ROI Global to update the useful and latest information about Blockchain and the global cryptocurrency market here!
Trading BTC/USDT with 5ROI Global right here.
Risk Disclaimer:
For investors, trading digital assets is both an opportunity and a challenge with outstanding profit potential. 5ROI Global only provides useful information for investors to grasp, refer to and not provide financial investment advice of any kind.
5ROI Global
———————–
Please contact and update information from 5ROI Global through the following channels:
– Youtube: https://www.youtube.com/c/5ROIGlobalOfficial
– Fanpage: https://www.facebook.com/5roiglobal
– Twitter: https://twitter.com/5roiglobal
– Global Community Telegram: https://t.me/official_5roiglobal
– Vietnamese Community Telegram: https://t.me/vn_5roiglobal
– Announcement Channel Telegram: https://t.me/channel_5roiglobal
– 5ROI Blog: https://info.5roi.com
Cryptocurrency Terms Beginners Need to Know