Know about Bitcoin
Bitcoin is a concept which is getting famous as people are getting aware everyday. It is a mode of transaction which gained popularity few years back. But for a fact a large chunk of audience is still not aware of this swift tech based mode of transaction. Following post will inform the readers about bitcoin and its basic characteristics.
Bitcoin a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
It’s the first example of a growing category of money known as cryptocurrency.
See the video for further understanding:
What Makes bitcoin different?
Unlike normal currency which is regulated by central authorities bitcoin is totally decentralized. This currency works digitally and proccesses through netwrk of internet users.This puts some people at ease, because it means that a large bank can’t control their money.We can use bitcoins to do transactions and purchase things we like.
Then comes the most basic question WHO ON EARTH INTRODUCED THIS CURRENCY?
As mentioned in the article by Coin desk bit coin was introduced by software developer Satoshi Nakamoto which is based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
Following are few basic characteristics of Bitcoin
Easy to Setup
Minimal Transaction Fee
Read the article for further details