Bitcoin is the world’s first crypto asset that was created in 2009. It is still not known who was the inventor of Bitcoin. We only know that it was a person or a group of people named Satoshi Nakamoto. Obviously, it is an anonymous name, and the actual personality of the Bitcoin creator is still a mystery.
Whoever it was, Satoshi Nakamoto engineered the Bitcoin whitepaper and the coin itself. It is rumoured that the creator of Bitcoins Satoshi Nakamoto could become one of the wealthiest men in the world, given the current BTC crypto prices live at $23,30.
While the question of who made Bitcoin has no exact answer, we have comprehensive information on how Bitcoin works.
How does Bitcoin Work?
Bitcoin runs on the Proof-Of-Work consensus protocol. That means, to produce every coin, high technological computers solve complex math problems, which takes a lot of power and energy expenses. Those computers are placed worldwide. The creation of Bitcoins is not subject to governmental or bank decisions. Cryptocurrencies are fully decentralised assets with no intermediaries. The processes of money transfers and transaction confirmations are encrypted. There is no chance to undo or cancel transactions in the Bitcoin network.
Bitcoin is used for the following purposes:
- Buying goods and services. Today many online stores allow settlements in crypto. Many booking companies and travel firms also allow paying with BTC.
- Trading. BTC is one of the most traded cryptos. Traders use crypto exchanges to make a profit on crypto prices difference. Since the market is very volatile, there are a lot of chances to gain income in the short term.
- Investments. Many purchase BTC and hold it in the long term. Bitcoin crypto prices live are changeable, but this is the most stable growing crypto asset in the world.
It does not matter who made Bitcoin; what matters is that this is the most promising crypto asset that allows making a fortune in the long and short term.