Bitcoin | The world’s unique and most demanded cryptocurrency

ahmad azher
2 min readSep 27, 2021

Bitcoin is the world’s unique and most demanded cryptocurrency. It is the first decentralized cryptocurrency to facilitate transactions using blockchain technology.

Table of Contents

What is bitcoin?

Bitcoin is a distributed digital currency created in January 2009. Bitcoin promises lower transaction fees than traditional online payment methods and operates through a distributed authority, as opposed to government-issued currencies.

A most known type of cryptocurrency

Because it uses encryption to protect it. There are no physical bitcoins, only a balance on a public ledger that everyone has transparent access to. All bitcoin transactions are verified by large-scale computing power called “mining”.

Although there are no legal tenders in most parts of the world, bitcoin is very popular and has triggered the issuance of hundreds of other cryptocurrencies, collectively called reverse coins.

Bitcoin acknowledgment

A bitcoin system is a collection of computers that executes all bitcoin codes and secures its blockchain. Each block has a set of transactions. Since all computers running blockchain have the same list of blocks and transactions, and they can transparently see these new blocks filled with new bitcoin transactions. No one can deceive the system.