Hello everyone, welcome to Indodax Academy. Back again with me, Evelyn from Indodax. For those of you who don’t know, Indodax Academy is a learning platform for those of you who want to know more about how to trade digital assets. And in this episode, I want to discuss one of the most popular digital assets, Bitcoin, in more detail and depth. Curious? Come directly to the video.
Lots of you don’t know fully what bitcoin is, in general, you only know that bitcoin is one of the most popular examples of digital assets or the first digital assets found in the world. When in fact, bitcoin is much broader than that. Lots of information more about bitcoin that you might not know about. And in this video I will also answer all FAQs about bitcoin, so you can get to know bitcoin fully.
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So what is Bitcoin?
By definition, apart from being the first digital asset in the world, bitcoin is a digital asset that is not regulated by any country and institution and can be sent anywhere via the internet. This digital asset is similar to gold, but is only available in the digital world. The concept might sound like eGold, even though it is actually far different.
Then, who is the maker of bitcoin?
Until now there has been no definitive information on who actually created or discovered Bitcoin. However, Bitcoin was developed by someone or a group with the pseudonym “Satoshi Nakamoto”. Well, it’s also unknown whether Satoshi Nakamoto is an individual or a group. To be sure, they released a journal explaining the Bitcoin cryptographic algorithm. And in 2009, for the first time they introduced the Bitcoin network system and digital assets.
What is the advantage of this digital asset compared to conventional currencies?
The most prominent advantage is that it can be sent anywhere, anytime and anywhere in seconds without having to go through banks or sending institutions. All you need is a smartphone and an internet connection. Bitcoin can also be instant peer-to-peer transfers, which means that it can run without a central server. The storage server is decentralized and distributed which is shared with various servers run by each user connected to the network. In addition, bitcoin can be transferred anywhere.
Then you might ask, if you can send it anywhere, so where is this bitcoin stored? Well, bitcoin is usually stored in a digital wallet called bitcoin wallet. This swallow must be installed on both parties, it can be a PC / laptop, tablet or smartphone. After installing swallow, you will get a bitcoin address. So to send bitcoin is very easy. Just open the swallow application, enter the bitcoin address of the opposite transaction and the number of bitcoins you want to transfer, then send!
Then, why do we have to use bitcoin?
In my opinion, Bitcoin can make transactions easier. For example, if you want to send money from Indonesia abroad, it will need to go through several stages before reaching the recipient’s hands. Meanwhile, using Bitcoin is enough to determine the number and destination of your recipients you can directly send Bitcoin anywhere.
In addition, with Bitcoin, money transfers become flexible, because you can also make transfers with a very small nominal. Fundraising that is being done by the Wikileaks website can be used as an example. There are donors who only contribute 0,0003 BTC or equivalent to 30,000 rupiah.
The rest, Bitcoin has also been adopted by various groups, especially e-commerce websites. Some of them are Bitpremier who sell luxury goods. In Indonesia, especially in Bali, several hotels and one co-working space, namely HUBUD, have adopted Bitcoin as a means of payment.
Up to this point, surely you have begun to understand this most popular digital asset. Now, in the next video, we will discuss more about bitcoin topics. Curious? Stay tuned! If you feel there is something that is still not understood, you can send a question in the comments column. If you think this video content is useful, don’t forget to like comment subscribe and share with your friends!