Bitcoin is an electronic payment system based on mathematical proof. It is introduced by Satoshi Nakamoto, a pseudonymous software developer that lived in Japan. However, until now, no one knows who Satoshi Nakamoto really is.
The core concept op Bitcoin is to develop a means of exchange, independent of any central authority, that can be used to transfer digital assets in an electronically secure way, which is verifiable and immutable.
Key aspects of Bitcoin:
No single entity is able to control the network of Bitcoin.
Solves “double spending problem”
Since it is very easy to copy digital curriences, Bitcoin has found a way to deal with this by creating a unique combination of cryptography and token economics.
Unlike Fiat currencies, Bitcoin’s supply is fixed at 21 million. This makes Bitcoin an attractive asset for investors. If the demand for it grows, and supply remains the same, the value of Bitcoin will increase.
Bitcoin is designed to be used in almost full anonymity. Since there is no central "validator," users do not need to identify themselves when sending bitcoin to another user.
On the other hand, all transaction on the Bitcoin network are transparent, and therefore the progress of a particular transaction is visible to all. In order to comply with global anti-money laundering (AML) legislations, Blockport verifies the identity of every user and eventually may even ask for a proof source of funds.
Transactions that are successfully executed on the blockchain of Bitcoin cannot be reversed, unlike Fiat transactions. This is one of the advantages (and at the same time disadvantages) of the Bitcoin blockchain. There is no central authority that has the rights or power to return the funds after a successful transaction.