Have You Ever Wondered What the Bitcoin Cryptocurrency Is?

Other than marmite, very few things divide opinion across the globe as

Bitcoin does. That’s mainly because only a small percentage of the

population truly understands what it is. Some view it as an item that

can only be utilized by the tech-savvy, while others believe it's used for

the wrong purposes. But, in fact, Bitcoin is just a virtual currency that

creates anonymity.

It removes the need to use a bank to store money, it removes the need

to attach your name to transactions, and it removes some of the risks

of becoming a victim of fraudulent activity. More and more people are

beginning to realize the advantages of this digital currency, and the

increased popularity is correlated with the soaring prices amongst all

of the digital exchanges.

Bitcoin is an entirely decentralized payment network, meaning it’s only

maintained through a peer-to-peer network. Moreover, its currency –

bitcoin – is just a set of numbers and letters which are stored on the

Blockchain technology. This means it doesn’t actually represent as a

conventional currency. Although, the fact that millions of people still

purchase things with it, shows that it could become an everyday form

of money in the future.

If we use a more common example, it’s like PayPal enabling you to

send and receive money, and then allowing you to withdraw your

balance in a widespread currency such as the US dollar. However,

Bitcoin is unique and doesn't operate in that way whatsoever. As it's a

decentralized network, there's no official method to determine what

value the bitcoin currency possesses.

Therefore, it tends to mirror that of the conventional currencies and is

influenced by the number of people who want it and the amount that

is available—otherwise known as supply and demand. But, another

difference is that it doesn’t give you the chance to withdraw it for use

in the real world. Why? Because in reality, it’s not actually a genuine

form of money, it’s software.

Bitcoin is just a line that has been recorded in the Blockchain ledger,

and a set of digital keys stored in an offline or online wallet. So, while

it’s advantageous to make payments online due to its strong security

measures and anonymity, the disadvantage is not being able to transfer

that into physical cash.

To put all of that into layman’s terms – the bitcoin currency is a digital

replica of money, which keeps your identity hidden and allows you to

make transactions on the web.

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