Bitcoin was the first ever cryptocurrency and for many years it wasn’t very known. It is just like any other real currency. You can use it to buy, sell and trade for goods, services, investments and more.
The blockchain technology that it’s made of prevents it from being counterfeited. It also means it is not owned, issued or controlled by any one single group or party.
For example, the US dollar is issued by the US government and is controlled by banks. In this scenario, the central party are the government and the banks. When you transfer dollars to a friend, you are relying on the bank to authorize and process the transaction.
Bitcoin, on the other hand, is not issued or controlled by any central authority. The transactions on the blockchain are verified by the computers that run the blockchain, and these computers can be owned by anybody — the blockchain is decentralized.
On the blockchain, transactions are stored and submitted in blocks. The computers verify the entire block of transactions at once by solving a complicated math problem. When the problem is solved, the transactions in the block are verified and new Bitcoin is created — it is given to the computer that solved the problem. This process is called mining!
The total number of Bitcoin that will ever exist is limited to 21 million. Even though there are already over 16 million Bitcoin, it’s going to be a long time until the count of Bitcoin reaches 21 million! This is because every 4 years, the amount of Bitcoin created per block is cut in half.
As more people try to get their hands on some Bitcoin and the rate of creation decreases, the common belief is that the value will increase. That is why so many people are crazy about Bitcoin now!
Today, Bitcoin is the most valuable cryptocurrency currently on the market. While other currencies are attempting to outrank Bitcoin and reduce its dominance over the digital-coin sector, few are getting close. However, Bitcoin Cash may be an exception to that due to the difference between Bitcoin and Bitcoin Cash!
As Bitcoin Cash is a fork of Bitcoin, I'll explain what a fork is before I explain Bitcoin Cash!
Yes BTC is the king of Cryptocurrency. However due to the traffic maybe. Maybe some of the ttraders are looking for faster Transaction with low fees. Eth for sure will not be included. The best choice for me is BitcoinCash. Happy BCH day dear 😘😉. I'll be waiting for your next Articles.