What is Bitcoin?

The Bitcoin is world of excitement and curiosity. Bitcoin is released almost 10 years ago. A pseudonymous software developer Satoshi Nakamoto created bitcoin in 2008 as an electronic payment system based on mathematical proof. The main idea to make bitcoin is to produce mean of exchange which is independent of any central authority and could be transferred electronically in a secure way.

Bitcoin is also world's first cryptocurrency and is best defined as a digital currency which exists electronically. This is also used to shop online and to pay for your desired things electronically. You can buy, sell, or trade bitcoins digitally.

You can learn more about cryptocurrency by clicking on following link CryptoCurrency

Bitcoin is unique and different from other currencies because it is created and held electronically on a an electronic device. Bitcoin is not a paper money like other currencies which are announced world wide. You cannot put bitcoin in your pocket like other currencies it is purely a computer based means of exchange.

There are many things which make bitcoin different from other currencies which are given

1- Decentralization

The most important and unique thing about bitcoin is that it is decentralized which means it is independent of every organization. no single institution is controlling and handling the bitcoin network. Bitcoin is maintained by a group of coders and these coders are running an open network of bitcoin all around the world.

Bitcoin owners can easily transfer bitcoins by using peer-to-peer network. All these transactions and transfers are tracked on a blockchain which is commonly Giant Ledger. This ledger can track all the transactions and it records every bitcoin transfer ever made in the history. This is very useful for detecting fraud and corrupted files. Hence bitcoin is not dependent of any organization and not any bank or government can rule on bitcoin. That is why bitcoin is very popular among all the online workers and they can easily trust on bitcoin.

2- Limited Supply

Every currency have and unlimited supply because central banks and other government organizations are controlling these currencies like (Dollars, Euros, Yen etc.) and they can issue needed currency as many as they want to issue. They can also attempt to manipulate a currency's value relative to others. But in case of bitcoin the supply of bitcoins is very tightly controlled underlying an algorithm. Few number of bitcoin is issued every hour. Almost 21 million of bitcoins are generated up till now. Amount of bitcoins will be increased or decreased depending upon the usage of bitcoins and the group of people and coders who are handling and generating the bitcoin.

3- Immutability

When you made any bitcoin transactions you can never reverse them unlike other electronic transactions which you can reverse. The only reason of immutability of bitcoin is that there is no central writer that can return your transaction and money. When a transaction is recorded on the records and if many hours are passed it is impossible to get your money and transaction back to your wallet. so always be wise when ever you are making any transaction.

4- Value

The value of bitcoin among the currencies all the world is very high. One bitcoin is almost equals to $4000.00 in the beginning of 2019 and it will vary according the usage of currency. The smallest unit of a bitcoin is called a satoshi which is based on the name of the discoverer of bitcoin. One santoshi is one hundred millionth of a bitcoin (0.00000001).

5- Buy and Sell

Now a days there are unlimited available options to buy Bitcoins and you can also easily sell bitcoin there. Retail clients can sell bitcoins at different exchanges. Such as coinbase, kraken, bitstamp, poloniex and many other. Each exchange will have different interface.

So whenever you want to buy bitcoin and want to invest bitcoins you have to find a trusted option to buy bitcoin and also be aware  from frauds when you need to sell your bitcoin