Bitcoin that was launched around January 2009 is considered to be the world’s largest cryptocurrency by market cap. In simpler words, it is considered as a digital currency. It is accepted as a mode of payment for both products and services.
How It Became So Famous Around The Globe
The reason why bitcoin suddenly attracted everyone’s interest is it promises of lower transaction fees as compared to online payment mechanisms. It is not operated with government-issued currencies. In the physical world, there is no sign of bitcoin. It is not backed by any government unit, administration, community or individual. Interestingly, despite being illegal it is the most used mode of transaction in the virtual world. The very popularity of bitcoin triggered the launch of thousands of other virtual currencies which are often collectively referred to as altcoins.
Different Features Of Bitcoin
The very basic feature of a bitcoin is that it is being created, distributed, traded and stored with the help of blockchain. You may wonder what is the worth of one bitcoin? Well, it is totally dependent on the mining network, the more complex the blockchain, the more costly it is to new bitcoins.
It even speeds up the entire transaction process and is way more efficient and secure. And the very reason why you can prefer this is because it is private and free from bank fees. There are many ways to check the conversion of 1 btc to usd, although the best is general search on internet.