Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly, without an intermediary like a bank. Bitcoinβs creator, Satoshi Nakamoto, originally described the need for βan electronic payment system based on cryptographic proof instead of trust.β Each and every Bitcoin transaction thatβs ever been made exists on a public ledger accessible to everyone, making transactions hard to reverse and difficult to fake. Thatβs by design: Core to their decentralized nature, Bitcoins arenβt backed by the government or any issuing institution, and thereβs nothing to guarantee their value besides the proof baked in the heart of the system. βThe reason why itβs worth money is simply because we, as people, decided it has valueβsame as gold,β says Anton Mozgovoy, co-founder & CEO of digital financial service company Holyheld.
Telegram Gives Up On Crypto Blockchain Project
Durov said on his Telegram channel today that the two and a half year blockchain and crypto project has been put to sleep. Ironically, after leaving Russia because the government wanted his encryption keys to his social media firm, Durovβs cryptocurrency idea lost steam because of a U.S. court. βThe technology we created allowed for an open, free, decentralized exchange of value and ideas. TON had the potential to revolutionize how people store and transfer funds and information,β he wrote on his channel. βUnfortunately, a U.S. court stopped TON from happening.β
