The best way to understand Bitcoin is to compare it with internet. What internet did years back was to remove the middle man between two people communicating with each other. Innovation happened on a global scale when we started chatting, sharing, communicating etc through internet. Bitcoin is the world’s first ever decentralized digital currency. Bitcoins are the digital coins you can send through internet. For the first time in the history of money you have control over your own money through these digital coins, Bitcoins. Bitcoin is the revolution in the finance industry. In January 2009 an anonymous person by the pseudonym Satoshi Nakamoto invented what is widely aclaimed to be as big as the invention as the internet itself if not bigger, he invented Bitcoins.
Compared to other alternatives bitcoins have several advantages:
- Bitcoins are directly tranferred from person to person via the internet without going through a bank or a clearing house.
- This means the fees is much lower.
- You can use bitcoins to transact in any country.
- Your account cannot be frozen.
- There are no prerequisits or arbitary limits.
- It is a global currency and can be accepted by all the countries.
- As no country controls it no one can shut it down.
- Bitcoin is truely robust and its truely global.
- Bitcoin software makes sure that it is rare and precious.
- There will be 21 million bitcoins which will be created in all.
- Supply of bitcoins is fixed and it is resistant to inflation.