What Are Bitcoins?

Hello guys, Now a days everyone is talking about bitcoins if you don't know that what are bitcoins so keep reading this article.



What Are Bitcoins?

Bitcoin was the first cryptocoin currency ever invented. No one knows exactly who created it – cryptocurrencies are designed for maximum anonymity – but bitcoins first appeared in 2009 from a developer supposedly named Satoshi Nakamoto.

He has since disappeared and left behind a Bitcoin fortune.

Because Bitcoin was the first cryptocurrency to exist, all digital currencies created since then are called Altcoins, or alternative coins. Litecoin, Peercoin, Feathercoin, Ethereum and hundreds of other coins are all Altcoins because they are not Bitcoin.

One of the advantages of Bitcoin is that it can be stored offline on a person's local hardware. That process is called cold storage and it protects the currency from being taken by others. When the currency is stored on the internet somewhere (hot storage), there is high risk of it being stolen. 

On the flip side, if a person loses access to the hardware that contains the bitcoins, the currency is simply gone forever. It's estimated that as much as $30 billion in bitcoins have been lost or misplaced by miners and investors. Nonetheless, Bitcoins remain incredibly popular as the most famous cryptocurrency over time.



Why Bitcoins Are So Controversial

Various reasons have converged to make Bitcoin currency a real media sensation.

From 2011-2013, criminal traders made bitcoins famous by buying them in batches of millions of dollars so they could move money outside of the eyes of law enforcement. Subsequently, the value of bitcoins skyrocketed.

Scam, too, are very real in the cryptocurrency world. Naive and savvy investors alike can lose hundreds or thousands of dollars to scams. 

Ultimately, though, bitcoins and altcoins are highly controversial because they take the power of making money away from central federal banks, and give it to the general public.

Bitcoin accounts cannot be frozen or examined by tax men, and middleman banks are completely unnecessary for bitcoins to move. Law enforcement and bankers see bitcoins as 'gold nuggets in the wild, wild west', beyond the control of traditional police and financial institutions.


If You Have Any Issue Regarding This Post, let me know down below . 
Thank You
Jaskirat Saluja

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