"To many, Bitcoin is the face of the cryptocurrency market, and for quite a few, it remains the only cryptocurrency they know. "
Bitcoin is a decentralized, blockchain based cryptocurrency. It can be transferred from person to person, without the use of a financial institution, such as a bank. This is called a peer-to-peer transaction and eliminates the need of a middle-man. All transactions are recorded and stored in a ‘ledger’, which is the blockchain.
Bitcoin eliminated one of the biggest disadvantages of digital cryptocurrencies faced before they took off, called double spending.Bitcoin ensures quick transaction without the need for a middle-man. This reduces the cost of transactions.
All proceedings are recorded on a public platform, which ensures that no data is falsified or hidden.
Bitcoin is the center of attention for the cryptocurrency industry - and the reason the market is so hyped.Bitcoin valuation of June 2018 stands at a staggering $115 billion.
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