What is Bitcoin?
Bitcoin is a kind of digital currency that is not tied to any center, is not at anyone’s disposal, and is housed in a global computer network that has no single owner. Its founder is Satoshi Nakamoto. It’s not material, it doesn’t have a physical counterpart, so if you buy 1 bitcoin, you’ll have nothing but a few numbers. It is written in open source code, so everyone who uses it is its owner. It’s very easy to store and carry if you have $ 1 billion in bitcoin, it’s a set of numbers, and you can convert it to whatever currency you want anywhere in the world.
What is Bitcoin Used for?
This currency, which was previously used in the area of the illegal business called “Deep Web”, is now adopted by the public due to its over-valuation and is used on an investment basis. Bitcoin is not the only one, the success of Bitcoin has emerged in other currencies, including Ethereum, Ethereum Classic, Bitcoin Gold, Monero, Bitcoin Diamond, Ubiq, Aion, BitTube, Energi, Pirl, Metaverse, Expanse, Musicoin, Litecoin, Cardano, Tron, Zcash and Dogecoin are perhaps about to launch other digital currencies as you read this article.
How is Bitcoin obtained or produced?
The process of producing Bitcoin is called Bitcoin mining, which was first produced by the CPU unit of the computers and then by the GPU, and after a number of mathematical operations were solved, the damage of the system that gave you this currency to our planet begins at this point. Digital mining to produce Bitcoin brings a huge amount of energy consumption, which is operated at full power and uninterruptedly during the mining process of Bitcoin and its derivative crypto coins. Continuing this endless mining process is possible with energy consumption. Although the damages of fossil fuels still known to our planet in energy production are known, consuming energy without any beneficial effects accelerates climate change much more.
Some governments are taking precautions.
In recent months, it has been rumored that India and Iran have drafted laws to ban this digital currency. But these governments do not care about climate change; their only concern is to avoid tax evasion and unjust enrichment.
End of Paper Money
The future of digital coins looks bright, with no need to be an oracle to say that there will be no paper money in the near future. It is very important for humanity to spread this digital currency without spreading damage to our planet, and we hope that governments will take precautions in the near future.