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What is Bitcoin

What is Bitcoin

Bitcoin is electronic cash, transferable, decentralized, and the transaction can be done person to person without any intermediary or central banks. Bitcoin is one among the popular cryptos in digital currencies, and it has high monetary value also. Transaction of bitcoin is irreversible, which makes it unique and salable in the financial market.

History:

Bitcoin is a virtual digital currency, and people assume that Satoshi Nakamoto invented bitcoins. However, there is no evidence for this, but he was a Japanese person who integrated numerous existing ideas from the Cypherpunk community to create the innovative bitcoin in 2008, and this bitcoin network came into existence in 2009. Nakamoto was the key person for producing the majority of the official bitcoin in the network. He used to publish all the information and modification regarding bitcoin on his technical forum of the bitcoin community.  Bitcoin whitepaper, released on 31 October 2008, and subsequently, the world got attention enthusiastically.

Technology behind:

Bitcoin, based upon blockchain technology where vast public ledger are disseminated all over the internet network. The blocks which are forming are in a secured, and definite chain and each block represent the confirmed transaction, and these blocks get entry into the whole system which can be seen and validated by the peer to peer computer network. In other ways, we can understand that each transaction is confirmed by the network nodes through cryptography and recorded in a public distributed ledger.  

Ownership:

Bitcoins creation is a reward for a process known as mining. You can exchange bitcoins for other currencies, products, and services. You can buy bitcoin from legit Crypto Currency Exchange. For that, you need to open one trading account. Then it would help if you put your allowed, fiat currency and you can buy bitcoin with the ongoing price. After purchasing, you need to place your coins into your secured wallet, which can be an offline or an online wallet as per your need. From buying to storing the bitcoin, you need a secured wallet to avoid hacking.

Importance Features:

·Usually, one block is getting added in every 10 minutes.

·100000000 Satoshi is equal to 1 bitcoin, and Satoshi is the smallest denomination of bitcoin.

·The total number of bitcoin can be generated up to 21 million and 16.7 million, which has been generated already among those.

·The Bitcoin transaction can happen without knowing to any third party.

·No tax is levied by any government, but the service charge or transaction cost is involved.

·Transparent transaction based on network-based mining.

·Highly secured unchangeable ledger for accounting records of bitcoin.

Conclusion:

Many countries are using Bitcoin, and it has come up with regulation and license. However, due to its unique quality, it has been facing criticism for an illegal transaction, high electricity consumption, high price volatility, threat of stealing, but bitcoin is considered to be the king of all cryptocurrencies and investors are coming in huge numbers to invest into bitcoin-related projects or to trade this lucrative crypto coin.

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