THE WORLD OF BITCOINS

There is no ‘Real’ BITCOIN. In the physical world the BITCOIN that exist are simply copies of the design, with no intrinsic value. The ‘Real’ BITCOIN exists only in a Virtual World, called The World of BITCOIN. Only the people who own the BITCOIN can actually transact business with them, since every single transaction made is recorded in the public list called the BLOCKCHAIN. So transactions, once made, cannot be undone. Nor can the BITCOINS be used by people who do not own them. People cannot generate fake BITCOIN by simply copying them, because the existence BLOCKCHAIN prevents duplication. This is because the BITCOIN exists in its World only as a computer file. This computer file is stored as an App in a computer or smart phone, as well as in the Cloud.

But in this Virtual World, the total number of BITCOINS that can ever be generated has been capped at 21 million BITCOIN. Twelve years ago, on 18th August, 2008, the domain name ‘bitcoin.org’ was registered. The famous White Paper that revolutionized the world of Finance, was authored by Satoshi Nakamoto, and released the same year on 31st October. It was titled ‘BITCOIN: A Peer-To-Peer Electronic Cash System’, and the link was posted to a Cryptography mailing list. While there were several ways to acquire BITCOIN, the most attractive way was mining free bitcoin by rendering service to the Owner. The BITCOIN has created a new world of Financial transactions, where nations owning the existing currencies of the world may not intrude or interfere.