Bitcoin is not the newest cryptocurrency developed. Nor is it the most advanced cryptocurrency. Then why is it the most popular of all the other cryptocurrencies in the market? It was founded in 2009 by Satoshi Nakamoto, who disappeared after a few years.
One of the main reasons for the popularity of bitcoin can be attributed to the technology of bitcoin. Blockchain technology was essentially created to form a transaction system that did not allow or need a third party to mediate. Two parties could exchange currency directly.
The system uses a public ledger that contains the records of every transaction that has taken place through bitcoin. And these records can be accessed through multiple devices all across the globe. Bitcoin owners can view the public ledger to see the transaction records whenever they want to.
Blockchain technology also allows the users to remain anonymous. Individuals who want to trade in bitcoin have to make an account with their details but that is it. They receive separate passwords after that which is used thereafter for all transactions. The transactions do not include their details, only their unique numbers. These numbers can be hard to trace back to a particular individual.
The absence of a third party also makes the transaction process smooth and fast.
Online Trading Websites
Since bitcoin has been around longer than any other cryptocurrency. It is the most accepted form of cryptocurrency on online trading websites. Although newer cryptocurrencies are slowly entering the online trading system. Bitcoin still dominates the majority of trading platforms online.
Unlike other currencies, bitcoin has a limit. Satoshi Nakamoto has ensured that bitcoin cannot be mined over a certain number. Currently, that number stands at 21 million. This means that the total number of bitcoins across the globe cannot ever exceed 21 million.
Along with that, Satoshi Nakamoto also devised the Bitcoin halving method. This method affects the rate at which bitcoins can be produced. With the rising demand and slow bitcoin generation, the value of bitcoin is bound to increase in the future.
There are several bitcoin hosting agencies that can help you manage your bitcoin. They will be acting as a third party appointed by you.