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Introduction to Bitcoin

What is bitcoin?

 

Since the beginning of the internet, people have attempted to transfer value over the network in a secure, safe and easy way. 

Several early attempts to make this happen were almost successful, except for a key missing option: the avoidance of the double spend problem. In the real world, you cannot spend a single bill more than once. E.g. photocopying a bill will not work

In 2010, a person or a group by the name of Satoshi Nakamoto published a paper detailing a peer to peer electronic cash system that also solves the double spend problem

You can think of bitcoin as the easiest way to exchange value at a very low cost. You can find more information here.

At Rain, it is our responsibility to educate our customers on what is happening in the cryptocurrency industry. If you have any questions, please get in touch with us here. And to learn more about cryptocurrencies, click here.

 

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