What is a bitcoin? How does it work?

What is a bitcoin? How does it work?

Bitcoin is the most searched topic on the internet. Many people don't know about Bitcoin. It is a cryptocurrency. Bitcoin is a decentralized digital currency without a central bank. Bitcoin is the only currency in the world that cannot read and seen. Bitcoin is electronically stored in phone, computer, and storage media.

 Bitcoin is an online currency but it, not a note, not a coin but it a virtual currency. Bitcoin started on 3 January 2009  by Satoshi Nakamoto. Bitcoin is an open-source its design is public and nobody owns or controls Bitcoin and everyone can take part.

Bitcoin is a very popular online cryptocurrency and it is very stable for a few months but it is not always stable. The value of bitcoin is increasing and decreasing every day. In Bitcoin, there is no interference of any government and any bank. Your bitcoin account never be freeze.

 The things that you are not doing in bank transactions you will definitely do it in bitcoin. In simple words, you won't give any type of tex in bitcoin as compared to banks and no government involved in bitcoin. Bitcoin is fast peer to peer transactions.

How to buy a bitcoin:

What is a bitcoin? How does it work?

1. Go to official bitcoin site bitcoin.org.
2. Create an account.
3. There are several ways to buy a bitcoin
4. Use a Bitcoin Exchange.
5. Browse a P2P Directory.
 6. Use a Bitcoin ATM.

For example, if 1bitcoin cost is $790 then you should buy 1bitcoin at $790 or you may sell $790 Ipad instead of that 1bitcoin.  The bitcoin is electronically stored in your account. After that, the value of Bitcoin is increasing and decrease.

Do you know: The fixed number of bitcoin comes in the market. It is because the value of bitcoin is always increased. 21 Millions bitcoin is only mine till 2000140. In bitcoin case, there is no controlling authority.

What is bitcoin mining?

What is a bitcoin? How does it work?

For example, if I want to send you some bitcoin to you first I create the setup of the transaction then the question is who verifies it? The answer is the transaction I send to you is attached to math problems and many people in the world wanted to mine the bitcoins.

 These miners have potent computers, powerful GPU and powerful Asics. They try to verify these transactions which is basically a math problem. They try to solve this problem as fast as they can.

The miner which solve this mathematical problem first get come commission(rewards)as some bitcoin and before that my transaction is done. This is a way to introduce new bitcoin in the market. Bitcoin is breaking into 8 decimal points. You can spend 0.00001% of bitcoin. If you want to earn bitcoin you can mine them. You need a GPU or application-specific IP.

Bitcoin is not a stable currency there is no control in bitcoin. It does not accept everywhere. The good thing about bitcoin is everybody see bitcoin transaction. It is available for everyone. A clean account sheet is available. No other person use your bitcoin.

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