Bitcoin (official abbr. BTC) is an electronic payment system (currency), not having a single point of reference, therefore the system does not have a single owner. We can say that bitcoins belong to those who use them. The electronic cryptocurrency bitcoin was created in 2009 (its development began in 2007) by a programmer or team of programmers under the pseudonym Satoshi Nakamoto.
In 2009, Satoshi released the source code of the system, and this event can be called the beginning of the electronic payment system. By the way, the e-book Bitcoin Miracle presents a unique method of earning money with bitcoins. Do not miss your chance to become a millionaire! BTC is not debentures (as conventional money), and in fact, is not backed by anything. The price of bitcoins depends on demand and supply, i.e. to what extent people need the currency.
You can draw a parallel with gold, the price of which directly depends on demand. If gold will not be needed at some point, then its price will collapse, however, it will not drop down to complete zero because it is still metal, and it is possible to do something out of it. In the case of lack of demand, you will be able to do nothing out of a bitcoin, therefore its price could theoretically drop down to zero.
As I said above, all the data of the payment system is stored in an open code on the storage devices of the system users. There is no system controller who could influence the price of the currency, the number of new units issued and other factors. The system source code is programmed in such a way so that the maximum number of coins (21 million coins) is known from the beginning. Not only the maximum number of them is programmed, but also the dynamics of their issue (the issue of new coins), which is currently 25 coins every 10 minutes.
Bitcoin Miracle by William Lynn
