What is bitcoin? Bitcoin is the most valuable cryptocurrency in the market .
Being at the top with a cool leadership stuff it is first decentralised digital currency .Now , you may have doubt on decentralised digital currency=? Decentralise means transfer from central to local parts .
Bitcoins are digital coints that you can send through internet.compared to other alternatives, bitcoin have a number of advantages.
- Bitcoin can transfers from one person to another via the net without going through the bank and clearing houses .this means fees are much lower you can use them in every country
- Your account cannot be frozen and there are no prerequisites.
Bitcoins are generated all over the internet by anybody running a free application called a Bitcoin miner.mining requires a certain amount of work for each block of coins.
This amount is automatically adjusted by the network such that Bitcoin's are always created at a predictable and limited rate .
Your Bitcoins are stored in your digital walletwhich might look familiar if you use onlinebanking.When you transfer bitcoin,an electronic signal is added .after a few min. Transaction is verified by miner and then permanently stored .
- The Bitcoin software is completely open source and anybody can review the code.
- lets see some examples how bitcoins are already used today:
You can purchase video games,gifts,books,servers,
- You can even trade bicoins in dollars , euros etc .
- Sending Bitcoins is as simple things as sending an email
And the most important fact about Bitcoins is :it's value can fluctuate .Or it may reache to 80 % of it just in a second .
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