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Bitcoin (BTC) is a “peer-to-peer” electronic cash system which has no obligation to any entities, banks, or governments. This is different from fiat currency or the physical cash that you use from day to day, which are issued by each country’s central banks. The cryptocurrency operates on decentralized ledgers that keep track of information called “Blockchain”. It runs independently on a code that was written more than 10 years ago. No single entity has power over the network hence it cannot be controlled, shut down, or turned off.
Bitcoin distinguishes itself from other currencies as it is deflationary in nature and is limited in supply. Only 21 million Bitcoins will ever exist in this world, making it a scarce resource with a finite supply. We call this digital scarcity, and this is what drives prices to go up in Bitcoin. It could potentially be a reliable store of value for many across the world where people would rather choose to trust in codes and the integrity of an immutable blockchain than their governments and banks.
Watch the video: Get to Know the World’s Largest Cryptocurrency – Bitcoin
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