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What is Bitcoin ?

Bitcoin is a digital currency created and held by electronically which can’t be printed just like dollars or Euros.No one controls the Bitcoins and also it is increasingly heavily with respect to business around the world.This uses the computers to solve all the mathematical problems with the use of a software.Bitcoin is developed by Satoshi Nakamoto and the idea behind this creation is to produce a currency independent of any authority and to transfer electronically instantly with fewer transaction charges.It is the one of a foremost and growing level of the economy in the world in the form of cryptocurrency.Bitcoin can be exchanged anonymously with encrypted hash codes among a peer to peer network.This can be stored in the digital wallet which comprises the details of address and private key which is to be known only by the user.It is extremely proving the top notch services all over the world as the traders are showing interest to use these Bitcoins for trading.The main factor that differs the Bitcoin from all other conventional money is that is decentralized.That means no bank or single institution can control the bitcoin network.As no bank is involved in the transactions you make with Bitcoins, no need to show the records to any bank. The main difference between the conventional money and Bitcoin is, you can buy the things electronically with the use of Bitcoins.

What is Bitcoin

What is Bitcoin:

The important thing regarding Bitcoin is, no one can print this physically and it has created its own rules.As it is created digitally, a group of people can join and make the transactions virtually.As per the rule of Bitcoin platform, you can’t get unlimited Bitcoins ever and a miner is allowed to create only 21 million Bitcoins.These coins are divided into small parts and one divisible amount is equal to one hundred millionth of a Bitcoin called a Satoshi.Bitcoins are totally based on mathematics whereas the conventional currency based on gold i.e.you can get the gold from the bank if you return the Dollar.As the mathematical formula is freely available for all the users, more people are using this software programs related to Bitcoins.You can check for the functionalities of the software and also you can check the purpose of the formula.

What is Bitcoin

Characteristics of Bitcoin:

  1. This is very easy to setup.
  2. It is decentralized.
  3. It provides you the transparency among the transactions.
  4. It is anonymous.
  5. Transaction charges are very low.
  6. You can make the transactions faster.
  7. It is non-repudiable.
Updated: November 28, 2016 — 7:12 pm

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