What is Bitcoin?

What is Bitcoin?

Founded by Satoshi Nakamato about 10 years ago, Bitcoin is a currency that is nowadays accepted almost all over the world. However, the value of the Bitcoin system, which was started experimentally in 2008, was not understood in those years. Now, it is being debated whether this virtual money will replace the real paper money. So, how is Bitcoin produced? Can paper money be an alternative in the future? You can find answers to many questions about this virtual currency in our article.

Bitcoin, which started experimental studies of the year 2008, is the official bank of any official institution. means any kind of digital currency that is not affiliated with the institution and can be bought and sold in the currencies of the countries without the need for any third party services or intermediary institutions. For the production of bitcoin, the term mining is used.

Producing some Bitcoin by mining is not actually the sole purpose of mining. At the same time, Bitcoin mines are used to keep the account book that is registered as one of the features that make BTC, which is referred to as Blockchain, BTC. What this notebook, which has a decentralized feature, is one of the key points, deserves a long article by itself. This article is for people who are not interested in the technical part of what is Bitcoin. And we've included whether this currency could be an alternative to paper money…

Does Bitcoin Replace Paper Money?

The number of those who foresee that paper money will cease to be circulated in the future is considerable. Although it is thought to be too early for this, the future of paper money is seen as Bitcoin. A group of people, like Professor John Quiggin of the University of Queensland, think Bitcoin is a kind of balloon. However, although this currency, which should be taken seriously, cannot replace paper money in today's conditions, it may be an alternative to paper money in the future as it is used individually in many countries of the world.

Bitcoin is an officially recognised currency in some states. In this regard, the German Finance Minister has recently announced the idea of ​​a kind of account unit for Bitcoin. Iran is using Bitcoin in order to overcome the sanctions against it.