The concept of crypto-currency was brought to reality after the creation of bitcoin. It was created in the year 1998 and was based on the idea of a currency which uses cryptography to control its creation and transactions but not the central authority. However, the creator of this crypto-currency is not known by his actual name to date but by his alias name. His anonymity has occasionally raised concerns mostly based on the open source nature of bitcoin. Even though the latter was ignored with time, it is still relevant to unveil the real creator of this crypto-currency.
Who controls the network?
Similarly to how nobody knows the technology behind the creation of bitcoin, nobody owns the bitcoin network. In simple terms, bitcoin is controlled by the bitcoin users globally. Developers are currently trying to improve the technology behind the latter, but fats remain that they cannot change the protocol in place. Their inability to tamper with the protocol is because users are the ones who decide the version of the software that they want to use. Despite the use of different software, the users have to comply with same rules for compatibility among them.
How does bitcoin work?
From the perspective of bitcoin users, bitcoin is just but application software with a program that provides a bitcoin wallet. A bitcoin wallet is a software that stores your money electronically and also helps you to send or receive bitcoin. However, what happens in the background is way different from the latter. There is what is called a blockchain which is a ledger containing all the transaction history. These transactions are encrypted and protected by digital signatures. Apart from sending and receiving the currency, one can also mine them using special software designed for mining.
Do people use bitcoin?
Yes, bitcoins are used by people. In fact, some businesses and enterprises are now open to bitcoin trading. They allow clients to purchase goods and services using bitcoin then charge based on its current market value. However, some business enterprises are still uncertain whether to adopt this form of currency due to the speculations that they may drop in value sooner or later.
If you want to invest in this crypto-currency, ensure you have enough money to bet with. Yes, bitcoin investment has closely been compared to betting because you are not sure whether you will gain or lose your money.