Withdrawal option
A new option has been added to Goaltycoon which is Bitcoin & Ethereum. You can now withdraw by these methods for all those cryptocurrency lovers out there. Invest in crypto now and start making more in the future.
The value of the cryptocurrency will be based on coinmarketcap.com
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What is Bitcoin?
We split it into two components which are bitcoin-the-token that represents ownership of the token as well as bitcoin-the-protocol, a distributed network that maintains a ledger of balances of bitcoin-the-token.
Who created it?
An anonymous with the name Satoshi Nakamoto. Bitcoin was proposed in 2008 which will act as an electronic payment system based on mathematical proof. There is no central authority like the government which has an influence over the fiat that we are using now.
What makes it so special?
1. Decentralization
Bitcoin is decentralized meaning that not any institution has control over the bitcoin network and instead it is maintained by a group of volunteer coders or also known as miners. Fiat currencies are controlled by banks whereas Bitcoin, the transaction is maintained by a more distributed and open network that is owned by nobody.
2. Limited supply
Fiat currency(dollars, euros, GBP) have an unlimited supply since central banks can issue as many as they wish and can manipulate the value of the currency in which the holders like us will bear the cost.
Bitcoin is however tightly controlled by the underlying algorithm. A small amount of bitcoin is produced every hour and will continue to do so until all 21 million bitcoin has been produced. It works pretty similar to gold since as supply is limited and demands increases, the value will also increase.
3. Pseudonymity
Since there is no central authority, the user does not need to identify themselves when sending bitcoin to other users. So, the user is instead identified as their wallet
4. Immutability
This means that the bitcoin transactions cannot be reversed once it's done unlike electronic fiat transactions. This may disquiet some but this mean that the bitcoin transaction cannot be tampered with.
5. Divisibility
Unlike gold which is hard to cut it into smaller pieces, bitcoin can be owned by the smallest amount known as a satoshi. One satoshi is equivalent to one hundred millionth of a bitcoin (0.00000001). This can easily allow microtransaction in which electronic fiat cannot
