Bitcoinis a virtual currency, more commonly referred to as a cryptocurrency that was created withthe principal of removing intermediary control as enjoyed by banks, central banks, and governments.Bitcoin was created in order to compete or replace fiat currencies as an alternative instant payment mechanism.

Unlike fiat money, there are no physical Bitcoins, just balances of Bitcoins that are recorded on Bitcoins blockchain which is a decentralized, public ledger.

Bitcoin was invented in 2009, bySatoshi Nakamoto, whose true identity had yet to be released. was registered on 18thAugust 2008, shortly prior to the first Bitcoin block being mined on 3rdJanuary 2009.

There is a finite number of Bitcoins, the total number being 21 million, a concept that does not exist in the world of fiat currencies, where governments and central banks are able to print more fiat money to sustain false economies that motivated the creation of Bitcoin.

Founder Satoshi Nakamoto is reported to own in excess of 4% of total Bitcoins that can ever hit circulation.

The creation of each individual Bitcoin comes from mining, which stems from a reward mechanism for miners verifying transactions on Bitcoins blockchain.

Bitcoin blockchainis a key driver behind Bitcoin. A decentralized ledger that is updated instantaneously across all users, with transaction times and fees depending upon the speed which miners are able to verify transactions. The Blockchain technology is unique as it has no centralized control or the ability to manipulate its content.

Some distinct differences and characteristics ofBitcoininclude:

There are no physical Bitcoins, only virtual.

Unlike fiat currencies, where governments and central banks are able to print more money, there is a finite number of Bitcoins.

The very nature of Bitcoins decentralized blockchain means that the payment system runs 24-hours a day, with no downtime and has no restrictions on where and to whom Bitcoin can be sent.

Bitcoin Cash ABC, Litecoin and Ripple Daily Analysis 08/12/19

The bear claws are out once more this morning. Failure to move back through early highs could leave the pack deep in the red

Its a relatively bullish start to the day. The majors will need to move back through their early highs, however, to avoid a sell-off.

Its a mixed start to the day. Recovery from early losses, however, could see another day go to the bulls

Its a choppy start to the day for the majors. Expect Bitcoin to provide direction for the trio on the day.

The bears sink the majors early this morning. Barring a break back through the major support levels, it could be a painful day for the bulls

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