Bitcoin

Belonging to No One, Bitcoin is the Currency for Everyone

Satoshi Nakamoto created the world’s first digital cryptocurrency, bitcoin, over a decade ago to allow people irrespective of their background, race or ethnicity to execute peer to peer payments. Apart from offering users a unique payment solution, another remarkable quality embedded in bitcoin by Satoshi was that the world’s first cryptocurrency didn’t belong to anyone.

Over the course of 10 years, bitcoin has gone through thick and thin to become the world’s largest cryptocurrency by market cap. In the meanwhile, bitcoin has also gained the trust of many by advocating decentralized traits. Now, not even a single doubt can be raised against the unpredictable and uncontrollable nature of bitcoin which is neither owned nor controlled by a body, organization or person.

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Bitcoin is created during the process of mining. Whenever a miner is successful in validating transactions on the bitcoin network and adding a new block to the bitcoin blockchain, new bitcoins are created. As any miner in the world can verify a transaction, the creation of new bitcoins is distributed among miners spread all over the world.

Moreover, bitcoin obeying the fundamentals of supply and demand is not affected or impacted by any government, nation or company. This confirms the fact that bitcoin is not owned by any entity, therefore, it doesn’t belong to anyone.

While the word’s first cryptocurrency doesn’t belong to anyone, it is open for everyone in the world. All one needs is a computing device and an internet connection to buy and sell bitcoin from and to anyone in the world. The process of opening a bitcoin wallet and executing transactions is a bit different from other payment systems.

First of all, a user has to manage a digital wallet to store bitcoin. After that, the user is required to establish a link with a cryptocurrency exchange for buying or selling bitcoin. Particularly, signing up with an account on an exchange is needed.

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Different exchanges offer different payment options to their customers. While some allow users to purchase or sell via bank accounts, there are a plethora of other exchanges accepting debit and credit cards as well. After doing that, the user is free to purchase bitcoin and store it in his wallet. Although some governments have prohibited bitcoin by imposing bans, generally, bitcoin is open to everyone otherwise. This explains how everyone is equally capable of using bitcoin on his own.

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Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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