What is Bitcoin?

Launched in 2009

Bitcoin is a digital currency founded in January 2009 after the housing market crash. It was formed by some anonymous person/ persons but was registered under the name of ‘Satoshi Nakamoto’. The actual founder of bitcoin is still unknown. This is a decentralized digital currency that can be transferred easily and is not under the control of any administration. Being a digital currency, it is stored, traded, and managed under a decentralized ledger system known as a ‘blockchain’. All the bitcoins are stored in a digital wallet. A user can store this wallet either in the cloud or on his computer. bitcoins are generated using a process called ‘mining’, Mining is a process where a network of computers confirms transactions to confirm payments. With regular currencies like EUR or USD to send money banks or payment institutions are needed to confirm the transaction. With Bitcoin you are fully responsible for your funds. A person can easily earn a huge amount of money or can even lose all the money invested. It is similar to speculation and gambling and has an extremely high risk of loss. Also, all the bitcoins are stored in the hard drive of your computer. In case of any damage or data loss, you will lose everything you have in your bitcoin wallet.

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Here we've come up with a few facts about Bitcoin

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• It uses peer-to-peer technology to facilitate instant payments. This allows its users to use their coins for shopping, hotel bookings, traveling, etc. Today, it is one of the most popular payment systems in the world.

• Bitcoins are digital currencies and hence are not impacted by inflation. You can earn even in the economic and financial crisis of the world.

• Since this concept is relatively young, there are more rooms for opportunities. Many new coins are becoming mainstream every day. This will give you more options and will increase your chances of earning better.

• This is an open-source code software allowing users to download it on any device in the world.

• Users can easily exchange their coins with each other and all the transactions are recorded in the blockchain ledger reducing the chances of copying of coins.

• Trading and exchanging bitcoin is relatively simpler than stock. It doesn’t require a certificate or documentation. You can easily trade these coins from your digital wallet present on your mobile or computer.

• To date, more than 21 million bitcoins have been generated.- There is a total of 21million bitcoin, with over 18,4 million in circulation. final bitcoin is unlikely to be mined until around the year 2140,

• Bitcoins are not taxed by the government and there are very few transaction fees charged. Also, there are different wallets available. You can easily choose the wallet as per its specifications and your requirements.

To learn more about crypto check What is Crypto?, Trusted site to buy Bitcoin or Buy Bitcoin.

Convectional Money Transactions

Bank To Bank

To send and receive fiat currencies such as Euro or USD, both the banks and authorized financial institutions are responsible for confirming the transaction and managing funds.

Bitcoin Transactions

System To System

To send and receive Bitcoins, there is no central authority or bank that processes the transaction. A princess known as Bitcoin mining confirms every Bitcoin transaction.