Bitcoin? any centralized authority or bank. It was

Topics: EconomicsCurrency


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Last updated: December 29, 2019

Bitcoin? What is Bitcoin? The question which arouses in the mind of everyone. The Bitcoin attracts the interest of the people when it gets promoted through broadcast and social media. Also the reason of its acceptance by the major companies results to its credibility.Bitcoin is a digital currency which is nor govern by individual or neither have any centralized authority or bank.

It was firstly introduced in the year 2009. Its creator is still unknown but many named this person as Satoshi Nakamoto.Bitcoin is proposed to be a new system of exchange, based on virtual or digital currency for the internet.

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It is a redefined form of cryptocurrency, which was introduced in the late 1990’s (source: 1998). Through cryptography the creation and the transactions of the digital currencies can be controlled.Bitcoin is usable through a software system which is not centrally authorized but is likely to be controlled and managed by its global users.There’s no need to have bank for the Bitcoins and person to person transactions are possible through internet.

Bitcoin doesn’t have any regulations like a bank and on daily basis many traders and merchants are accepting it for the purpose of sale of their products.It is possible to work with Bitcoin like other currencies, which is done through a exchange specially for Bitcoin, but the user need to open a Bitcoin exchange account. Bitcoins can be exchanged with other holders of the Bitcoins.Until now the payment systems we have, all offers the reverse of payments after transactions but Bitcoins situation is something different and it doesn’t allows to reverse the transaction. Once it is done, its done.

So Bitcoin users need to be careful while doing it so. It is possible for anyone to converts its currency like dollars, euros or pounds into Bitcoin. Bitcoins have special wallets where they can be stored.

These wallets can be memory devices, mobile devices or any website.Bitcoin is of untraceable nature and is not possible to get traced by any banking or clearing authority, government or agency, and its users performs the transactions through their ID’s, keeping secret their real name. All the transactions are recorded in public log. It cannot be tracked.Bitcoins have anonymous nature.

It does not charge much like other international currencies for the international transactions and is not isolated to any country. There are no rules and regulations for Bitcoins. And its transactions doesn’t charge any percentage when buying a product or merchandise. People also buy bitcoins for the investment purpose.Bitcoin cannot be bought through a bank or any registered authority. They are likely ti be acquired by Bitcoin Exchanges, Online Platforms and by Mining.

Bitcoins are stored in personal computers or on clouds offered by the third parties. You can also say it a wallet , works as a virtual bank account. Sending, receiving, shopping is possible through the wallet.Blockchain works as a broker for Bitcoin and opens a Bitcoin account for the user with a specified Bitcoin address, a combination of numbers and letters, also serves as password to access Bitcoin wallet.Bitcoins are free of taxes, can be used for online transactions with minimum transaction fee and offers a anonymous user identity.

It is isolated and no outside interventions are possible.

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