Bitcoin: the World’s First Decentralized Digital Currency

Millennial Magazine - BitCoin

In 2009, the first decentralized digital currency, Bitcoin, was introduced to the world. A white paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System” was made an open source by Satoshi Nakamoto, the fictitious name of the cryptocurrency’s creator(s).

Bitcoin is very different from the traditional currencies. This digital money is mined by solving complex math problems, typically by using the computational power of video cards. It is held in digital wallets, with every transaction being recorded on a public ledger called BlockChain.

No government, bank or any other financial institution has control over the digital currency, which makes it more resistant to wild inflation. Additionally, a limit of 21 billion Bitcoins is set. As of September 2017, the world has already mined 16.5 billion Bitcoins. Yet, 34.28% of all Bitcoins in circulation is controlled by the top 1000 Bitcoin addresses.

Now, there is so much more to the Bitcoin world, you would have never even imagined. So, go ahead and check out this infographic compiled by industry the experts from Bitcoin Play learn 58 insane facts about Bitcoin!

Millennial Magazine - bitcoin-58-facts

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Written by Josh Wardini

Location Incapable Internet Enthusiast | Re-Designer of the World Around | Bodybuilder trapped in a Computer Geeks Body.

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