Learn about bitcoins

Learn about bitcoins
Finance

Learn about bitcoins

What is bitcoin? Bitcoin is the digital currency invented by Satoshi Nakamoto and is the peer to peer electronic cash system. There is no bank or any authority for control and is termed as the decentralized digital currency. No middlemen or the intermediaries are required for trading bitcoins and it can be either received or sent on an international peer to peer network. In general, the bitcoin is denoted by BTC and the value for this bitcoins is comparably high in the whole world. This is not just the currency form but also the payment mode which can direct the payment from the users safely and securely through the electronic means without the presence of any central authority.

The digital currency

It is the cryptocurrency and is basically the computer file that is stored in the digital wallet application on a computer or a laptop or a smartphone. People can exchange or trade the bitcoins to each other and make the transactions. Every transaction that is recorded in the list of the public is termed as the blockchain. This is not the oldest form and came into existence in the 19th century in the year 2009. public ledger stores all the transactions of the bitcoins and does not involve either the central state or any political forms which can control the circulation of the bitcoins.

Conclusion

Bitcoins can be safe and legal only when there is a mutual understanding between the two parties to make the transaction through bitcoins as there is non-involvement of government.