This is the first decentralized peer-to-peer payment network powered by its users, without central authority or intermediaries. From a user’s perspective, Bitcoin btc to inr is more or less like online cash. Bitcoin can also be seen as the largest existing system based on the triple entry bookkeeping rule.
Who created Bitcoin?
Bitcoin is the first implementation of the so-called “cryptocurrency” btc to inr described by Wei Dai in 1998 on the cypherpunks mailing list and presenting a vision of a new means of payment that would use cryptographic security instead of central authorities to control money creation and transactions. The first Bitcoin specification was published in 2009 by Satoshi Nakamoto, who left the project in the second half of 2010 without revealing too much information about himself. Since then, there has been a significant expansion of the development community working on implementing the Bitcoin idea.
Who controls the Bitcoin network?
No one owns the Bitcoin network, just like no one has e-mail technology. Bitcoin is controlled by all network participants in the world. Developers are improving the software, but they can not force changes in the protocol themselves, because all users can choose what software and version to use. To keep them compatible, all users must use software that is subject to the same policies. Bitcoin can only work correctly with full compatibility among all users. Therefore, all users and programmers are strongly motivated to protect this consensus.
How does Bitcoin work?
From a user’s perspective, Bitcoin is simply a mobile application or computer program that allows you to use your personal Bitcoin wallet to send or receive money. This is how Bitcoin works for most users.