What is Bitcoin? A Good Explanation!

Bitcoins are the future of currency?Let’s have a look!

It is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middlemen – meaning, no banks! There are no transaction fees and no need to give your real name.

Overview

  • Bitcoin is a topmost cryptocurrency according to all other currency rates.It is used for digitalized payment through a decentralized server.
  • As the system works without a central repository or single administrator.
  • The system is peer-to-peer, and transactions take place between users directly, without an intermediary.
  • These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.

How to Store Bitcoins?

  • The Bitcoin is not physical currency so it has to be stored in a hardware device.Whether it may be a mobile phone, PC, Specially made gadgets…
  • In order to send and receive bitcoins, you need an address for it.It can be available through any wallets you have registered.
  • Wallets can be both on the farm of Software or Hardware.
  • Software wallets which you can install on any devices like IOS, Android, Windows…
  • Hardware wallets are specially made gadgets for the sole purpose of cryptocurrency transaction.
  • If you wanna to store a few bitcoins or getting started with bitcoin I recommend using a good software wallet from your Mobile or PC.

Making Transaction

  • To make Transaction as I said before choosing a wallet of your choice.
  • After you get registered on a wallet.You can get a bitcoin address from it.Through that bitcoin address, you can request bitcoin transfer from anyone.
  • If you need to send bitcoins to another person or wallet.All you need to do is get that bitcoin address and make a transaction to that particular address.
  • The important thing, While making transaction please make sure you have used a correct address twice because you may have made mistake on the address and the sent bitcoin will probably goto different address.
  • Bitcoin Address is a Code of Hashes generated for sending and receiving bitcoin from other nodes.

Exchange Bitcoin

Bitcoins can be anytime exchanged to normal currencies through some exchange sites.

*Choose sites which are legitimate, don’t fall in fake sites.

Bitcoin to other currencies or

Other currencies to bitcoin anytime

Value of bitcoin to other currency like USD, Euro, INR… Depends upon the current value of bitcoin by the time when you are making that exchange.

Is it a future currency?

  • Yes, As far as I know, the value of bitcoins increasing day by day in a rapid farm.
  • The one who has a lot of bitcoin now are the richest people in the world.
  • Because of the demand for the bitcoin, the value of it keeps on increasing…

I Explained about the bitcoin in a simple banner.If u need to say anything please comment below!

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