Ever made use of the digital currency mode of payment? Excited and eager to know what am I speaking about? It is none other than Bitcoin and today’s article is all about it.
Bitcoin-A digital currency
Bitcoin is basically a cryptocurrency that is a form of electronic cash. To make it more clear, cryptocurrency is the mode of exchange of digital information between buyers and sellers of goods or services.It can be used to make transactions directly to the opposite person without the aid of intermediates.
This decentralized digital currency isn’t managed by a single administrator or a central bank.In a “digital wallet” app, the Bitcoin is stored as a computer file in a computer or a Smartphone.
Invented in 2008 by a group of people under the name Satoshi Nakamoto but came into existence in 2009. Emerged as the solution when Occupy Wall Street accused many big banks of charging blogging fees, duping clients, and rigging the system. The main motto of Bitcoin pioneers seems to be the idea of eliminating the intermediates, hack corruption, put end for interest fees and making transactions transparent.
How does Bitcoin work?
On the first attempt of installing the digital wallet app, a Bitcoin address will be generated that is valid only once. With the help of the address, you can make transactions and pay to services. With the address, you can send bitcoins to your friends and can get them in turn too.
Anyone who wants to invest in bitcoin should first check 1 btc to usd.