What is bitcoin ?

What is bitcoin ?

Bitcoin (BTC) is a decentralized cryptocurrency it is a world’s first cryptocurrency that was invented by satoshi Nakamoto. It can be sent from one person to another on the peer-to-peer network, without any intermediary. In this payment sending process every transacting is verified and recorder in a public distributed registry that is called block chain.

Anyone can get started with BTC without knowing the technical details by having a free bitcoin wallet address. that can be generated by using a computer or mobile phone. This wallet address can be used to send or receive bitcoin anywhere  anytime in fact it is similar to send or receive sms on a mobile phone .

As it is centralized thus no bank or government can control bitcoin and block chain. It has been criticized most of time for its use in illegal transactions. That encourages money laundering and any illegal or banned product selling etc.

Mining

BTC is not created just as traditional currency created through banks in fact it is mined by using the process of bitcoin mining. A lot of electricity power is consumed by electronic devices such as Ant miners, high configuration computers to perform mining, read further article to know about mining.

 

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