Bitcoin is a cryptocurrency which has no central authority (such as a government or CEO) and all transactions are published on a public ledger known as a blockchain. Bitcoin was first invented in 2009 by an anonymous founder known as Satoshi Nakamoto.
The transactions are verified and broadcast to the network every 10 minutes in what is known as a “block”. A block is more simply thought of as a cluster of verified transactions, which when broadcast connect to the previously authorised transactions, and hence form a chain.It was originally described as a peer-to-peer electronic cash but the technology has evolved to be thought of more as a settlement layer or store of value rather than a payment network. Because of these properties many have led the chorus to call Bitcoin both an inflation hedge, and digital gold. Apple co-founder Steve Wozniacki went a step further when he said Bitcoin is better than both physical gold, and the USD.
“Gold gets mined and mined and mined. Maybe there’s a finite amount of gold in the world, but Bitcoin is even more mathematical and regulated and nobody can change mathematics.”
Steve Wozniacki, Apple.
Twitter CEO Jack Dorsey believes Bitcoin will become the single global currency. Irrespective of this commentary, Bitcoin has remained the dominant cryptocurrency since inception.
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