Bitcoin is cryptocurrency from electronic cash which is used an immense amount of money transaction based on mathematical proof, mostly used by traders or businessmen. All the transaction made of btc is verified by network nodes, a telecommunication network which is dependent network and protocol network. They verify by through cryptography and recorded the distributed network by which it is verified if the bitcoin is fake or not.
Who controls the bitcoin network?
Bitcoins are actually controlled by no-one. But the basic fact is that they controlled by investors who actually come up with new ideas to invest and get the system of btc working optimistically. There was a test made by a large company to check the level controlled by the investors, and by that, the result came out that 90% of the network hash rate in an attempt to move everyone over to a new network they would agree to call “Bitcoin.” Then, at last, it ended with multiple combinations of market function potential new network combined with a variety of other factors resulted failure as the nodes announced a fake contraction among investors.
Is Bitcoin really used by people?
According to the statistic, there are 32 million people who are actually using bitcoin wallet for their transaction of money. However, there is just 34% of active users. But the researchers found that 2.3 million people use bitcoin to make payments. Recently India has reported that they have pushed for a blanket ban on cryptocurrency trading and government officials have agreed with it. Therefore in the coming years, India might give a stand to cryptocurrency.