Bitcoin one of the best and leading digital currency in digital market
Bitcoin is a type of digital currency, created and held electronically, not printable like euro, dollar, pound and no one can control it. it is produced by people, transfer the funds, increasing businesses, operating independently of a central bank.
Running all computers all around the world and using software that solves mathematical problems.
Who Created it?
Satoshi Nakamoto was a software developer proposed a bitcoin.
His idea was to produce an electronic currency and independent from central bank or authority which should be easy to transfer electronically with very low transaction fees.
How bitcoin works?
Bitcoin is a completely virtual coin, which designed to be self-contained for its value, which is not necessary for the bank to move and keep it like money.
Bitcoins, you can purchase goods and services online and transfer it to other people very easy by the wallet. Wallet is a small personal database that you store on your PC, Mobile, Tablet or Cloud.
For all intents, bitcoins are forgery-resistant. It is so computationally intensive to create a bitcoin, it isn’t financially worth it for counterfeiters to manipulate the system.
What is bitcoin based on?
Bitcoin is based on mathematics, it is not based on gold or currency. The conventional currency has been based on gold or silver, if you have a dollar you can buy a gold or silver but bitcoin is not like currency.
people are using software programs that follow the mathematical formula to produce bitcoins, you can get the mathematical formula free and check it out.T he software is open source.
What makes it different from normal currencies?
You can use bitcoin to purchase or sell things electronically, while, It is like conventional euros, pound or dollar which can be traded digitally.
bitcoin’s most important characteristic and the thing that makes it different from conventional money is that it is decentralized. No one or any institution control the bitcoin network, this puts people at ease.
The large bank or central world bank cannot control because it is a digital coin.
1. It’s decentralized
Bitcoin network is not controlled by any central authority, Every machine that mines bitcoin and process transaction make up a part of the network and all machine are connected and work together.
One central authority cant tinker with monetary policy.
2. It’s anonymous
Well, kind of. Users can hold multiple bitcoin addresses, and they aren’t linked to names, addresses, or other personally identifying information.
3. Transaction fees
Your bank may charge you a $10 fee for international transfers. Bitcoin doesn’t.
4. It’s fast
You can send money anywhere and it will arrive minutes later, as soon as the bitcoin network processes the payment.
5. It’s non-repudiable
When your bitcoins are sent, there’s no getting them back, unless the recipient returns them to you. They’re gone forever.
Bitcoin is a type of digital currency, created and held electronically, not printable like euro, dollar, pound and no one can control it. it is produced by people, transfer the funds, increasing businesses, operating independently of a central bank. No one or any institution can control it, no fees charged for transferring, its fast than bank transaction, you can purchase or sale buy it.