eCourse: Bitcoin 101
The world has witnessed tremendous growth in virtually all sphere of life.
It owes its advancements to the great intellectuals whose succor lies in
solving practical human problems. A noteworthy invention is the recent
introduction of global digital currencies that uses a public ledger system
for payments, investment and other forms of transactions.
These transactions are now being carried out with ease and devoid of any
restrictions whatsoever. It is a revolutionary transition from the engraved
metallic coin to the printed papers and now, to the reign of digital
currencies. Such digital currencies include the likes of Bitcoin, Ethereum,
Litecoin, etc. and they are categorically called cryptocurrencies.
Bitcoin is blazing the trail in the world of the digital currencies. This is
perhaps because it has become widely accepted by people from every
facet of life. World leaders with stronger economies are beginning to see
the enormous potential residing in the power of Bitcoins. Although they
have their fears that decentralized cryptocurrencies may result in
subverted activities with untraceable transactions, they nonetheless have
also seen the minimum risk involved in using it.
Bitcoin can be issued in fractional denominations, which are Bits and the
Satoshi. A bit represents the common unit used to designate a subunit of
a Bitcoin. An estimated 1000000 bit is equal to 1 bitcoin. This unit is used
as small denominations in the Bitcoin world. It is estimated that 1bits is
equal to 0.00000100 Bitcoin and the smallest unit is the Satoshi, with 1
Satoshi equaling 0.00000001 bitcoin.