What is Bitcoin and Why is It Revolutionary?

Bitcoin is a crypto currency that was created in 2008, and the software was released as open-source software in 2009. People who follow the markets know that the bitcoin era has influenced the way we think about investing. Websites like Bitcoin era make it easy to invest either with an automated system or manually. Bitcoin has revolutionized the way we think about money and it can continue to grow and influence our financial transactions in the future. Bitcoin is the oldest cryptocurrency and has influenced many others to be created. Bitcoin has many advantages over Gold and government-backed currencies.

Bitcoins are not physical money, but they are virtual money. The first advantage of this is that the bitcoin balances are kept in a public ledger that anyone can have access to. This is different from traditional currencies and goal. The public ledger providers a level of transparency that we do not see with government-backed fiat currencies, or commodities like Gold and Silver. Secondly, each transaction is verified by the software and a large amount of computing power. This makes Bitcoin reliable. Third, Bitcoin is the oldest cryptocurrency, which means it is more stable, tested, and adopted when compared to other cryptocurrencies.

Bitcoin involves a collection of computers that are known as nodes. These nodes run the code for Bitcoin and store it in what is known as a “blockchain”. The “blockchain” is simply a connection of blocks that are kept on the network. Each block contains transaction data, and it references every other block within the network. This method for cross-referencing transactions makes it impossible, or at least difficult, for anyone to cheat the system. This gives Bitcoin a level of transparency that we do not see with government-backed currencies that are printed at-will. Bitcoin also has many security features that prevent it from being hacked or manipulated by a bad actor.

Bitcoin has seen its’ value increase dramatically in recent years. Compared to currencies and Gold, Bitcoin has surged in terms of its’ value. In 2017 Bitcoin reached an all-time high of $19,753. Bitcoin saw a decrease in value after that but has surged to another high of $18,353 in November 2020. Apps and platforms like Bitcoin era are a great way to trade this cryptocurrency and experience wealth gains.