Bitcoin To a Layman

Bitcoin To a Layman

Bitcoin is a crypto currency.  Currency reflects confidence on country like the Rupiah, US dollar or Japanese Yen. People would want to hold a currency that is valuable. Bitcoin was developed by a Japanese Programmer named Satoshi Nakamoto. It is one of many crypto currency created, others include Doge Coin and Lite coin. The uniqueness of this currency is it is not regulated by any central bank or country. The type of commerce is Peer to Peer.

Bitcoin have many advantage over other normal currency. Firstly transaction costs are way lower than banks. In Indonesia for example if I transfer from one different type of bank to another I would incur a 5000 rupiah transaction fee.

Secondly time zone do not effect this currency there is no down time or servers going offline. If I go to a Indonesian bank and want to transfer to an Australian bank I would require to make my transaction 3 hours before the deadline because Australia time zones is 3 hours faster than Indonesia with bitcoin this rule does not apply as anyone can make the transaction who have a bitcoin wallet at any time.

Third is bitcoin wallet is traceable every transaction is able to be seen by everyone just go to https://blockchain.info/ to check which wallet make which transactions and so on statistics is also available there.

Although they are many advantages of bitcoin there is also disadvantage. The only disadvantage is most people remain anonymous it is hard to track a scammer located anywhere in the world a scammer may pose that he is from New Zealand but actually he is from Brazil.
To summarize it is a computer currency that acts like money it is legal tender in some countries and not in some.

Aided by Wikipedia

Any query email to richardgaryson@hotmail.com