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What is BitCoin


What is Bitcoin ?

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

Bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.

bitcoin is created digitally, by a community of people that anyone can join. Bitcoins are ‘mined’, using computing power in a distributed network. This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network.

The bitcoin protocol – the rules that make bitcoin work – say that only 21 million bitcoins can ever be created by miners. However, these coins can be divided into smaller parts.

What are its characteristics?

Bitcoin has several important features that set it apart from government-backed currencies.

  1. It's decentralized - The bitcoin network isn’t controlled by one central authority. Every machine that mines bitcoin and processes transactions makes up a part of the network, and the machines work together. And if some part of the network goes offline for some reason, the money keeps on flowing.
  2. It's easy to set up - Conventional banks make you jump through hoops simply to open a bank account. Setting up merchant accounts for payment is another Kafkaesque task, beset by bureaucracy. However, you can set up a bitcoin address in seconds, no questions asked, and with no fees payable.
  3. It's anonymous - Well, kind of. Users can hold multiple bitcoin addresses, and they aren’t linked to names, addresses, or other personally identifying information.
  4. It's completely transparent…bitcoin stores details of every single transaction that ever happened in the network in a huge version of a general ledger, called the blockchain. The blockchain tells all. If you have a publicly used bitcoin address, anyone can tell how many bitcoins are stored at that address. They just don’t know that it’s yours.
  5. Transaction fees are miniscule - Your bank may charge you a fee for international transfers. Bitcoin doesn’t.
  6. It’s fast - You can send money anywhere and it will arrive minutes later, as soon as the bitcoin network processes the payment.
  7. It’s non-refundable - When your bitcoins are sent, there’s no getting them back, unless the recipient returns them to you. They’re gone forever.

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Great post about bitcoin. Bitcoin is a cryptocurrency and also  Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.



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