Bitcoin is a type of cryptocurrency. Also known as digital currency.
With the help of this currency, you can trade in the whole online world. But you can't see or hold the coin. Because it’s not printed on paper, Neither gold, silver nor copper coins.
Though , It has huge importance in online transactions but it also has some disadvantages. It is a virtual currency with no regulatory bank or body. As a result, it is very difficult to control or predict this Bitcoin.
It started its journey on 2006, through a person or organization called Satoshi Nakamato. Although Bitcoin is believed to be the creator, no trace of it has been found. On the other hand, there is a person by this name but he knows nothing about Bitcoin ! However, an Australian engineer claimed in 2016 that he was actually Satoshi Nakamato.
The name of the smallest bitcoin unit is Satoshi. Bitcoin is a person-to-person electronic currency system where transactions are possible without the help or supervision of a third party. The price of Bitcoin changes every hour.
This currency has no physical existence and no bank controls it. It is being used by individuals. And there is a lot of privacy in bitcoin transactions. So transactions under completely pseudonyms are possible. So It is also a cause of fear.
Bitcoin transactions are done on this Bitcoin person-to-person network which is done from the wallet of the donor to the wallet of the recipient. Bitcoin is stored in digital wallet called Bitcoin wallet. The transactions history are recorded, which is known as block chain. The same transaction cannot be repeated by the same user.
Opening an online bitcoin account is quite easy. There is no fee to open this account. Bitcoin comes through a process called mining. The payment process in Bitcoin is also very fast. People face huge problems as the value of other currencies fluctuate. For that reason many people use bitcoin to prevent currency devaluation.
But the problem is, if the transaction remains incomplete, there is no way to get the money back even if the customer does not get the service. And if the Bitcoin ‘wallet’ is lost or damaged, it cannot be recovered. The value of Bitcoin is not stable.
However, many online companies are using it as a currency including well-known companies.
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