/ Bitcoin

Bitcoin in layman words

Think of Bitcoin as an electronic Gold. It does not have any tangible appearance and color. Instead of saving it in a bank or closet, you store them on your mobile, laptop or USB. It's just a text file that is worth thousands of dollars.

Facts about Bitcoin:

  1. It was founded in 2009 by an anonymous person named, Satoshi Nakamoto. No one knows who that person is till date.
  2. There are a finite number of bitcoins. Only 21 million coins can ever be mined. Only 16 million are mined out so far.
  3. Mining isn't hammering your computer, its just complex mathematical calculations that takes the shit out of your computer.
  4. To mine a Bitcoin, it would consume more power than the whole Denmark consumes in a single day.
  5. There isn't any central authority or bank that controls its price. Its price is mainly drived by the supply and demand.