Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary.
These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
Features of Bitcoin
- User Anonymity
- Block chain
- Bitcoin exchanges
Some common issues of Bitcoin, we fix-
- Payment gateway hacking problems.
- Users address error.
- Wallet file lost.
- Insecure ICOs.
- Users address spoofing.
- Unable to send a Bitcoin.
- Unable to receive a Bitcoin.
- Long confirmation waiting time.
- Bitcoin hacking problems.
- Deposit and withdraw USD errors.
- Wallet balance doesn’t show.
- Unable to sell and buy bitcoins.
- Problem with Bitcoin.
- Unable to cash bitcoin.
Advantages and Disadvantages of Bitcoin
- More liquidity as compare to other cryptocurrencies
- Lower transaction fees
- Built-in scarcity
- No agents or middleman
- International transactions are easier than regular currencies
- Black market activities
- No refunds
- Bitcoin-specific scams and fraud
- High price volatility
Bitcoin doesn’t have a technical support number. You can search your problems or issues to their help forum and community sites.
One of the first supporters, adopters, and contributors to bitcoin was the receiver of the first bitcoin transaction, programmer Hal Finney. Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world’s first bitcoin transaction. Other early supporters were Wei Dai, creator of bitcoin predecessor b-money, and Nick Szabo, creator of bitcoin predecessor bit gold. In the early days, Nakamoto is estimated to have mined 1 million bitcoins.
In 2010, Nakamoto handed the network alert key and control of the Bitcoin Core code repository over to Gavin Andresen, who later became lead developer at the Bitcoin Foundation.