It is actually a mystery to date regarding the whereabouts of Santoshi Nakamoto, the man who invented bitcoins. Reports are not even sure if it’s a person or an organization. From 2009 itself, there is no clue about Santoshi Nakamoto. We can safely say bitcoin is a type of digital asset which is designed to work as a medium of exchange. But the exchange itself comes with a lot of twists and turns.
Bitcoins are independent
Bitcoin actually works without any central bank, instead, it gets exchanged between person to person. So, this whole network doesn’t require any administrator. Now, the question arises, who records the transactions? Who keeps it updated? How to convert btc to inr?
The transactions are recorded in a shared ledger called a blockchain. As per the name itself, it’s a chain connected to each other on the basis of the bitcoin exchange.
Who Decides The Value?
If the origin of the creator of this network is mystified, who determines the value of a single bitcoin? As there is no trace of Santoshi Nakamoto, the website is solely controlled by the distributors. But there is another twist regarding the value, it is decided upon the supply and demand formula. As the demand increases, the price takes the hike subsequently.
Other than that whole website works as per the algorithm discussed in the paper, which also states that bitcoins can only be developed up to 21 million.