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What is Bitcoin Cryptocurrency and how it works

Bitcoin cryptocurrency is a trending news these days on the internet . Many persons want to know about this currency . We find many times somewhere ads about the bitcoin third parties on the internet but many are not sure about this . I searched for 2 hour on internet and sharing some knowledgeable information through this post .

What is Bitcoin

What is Bitcoin - 

Bitcoin is a virtual currency that is not physically available but available in the software form . Bitcoin was invented in 2008 by Satoshi Nakamoto . The amazing fact is that , no one knows this man till today .

Bitcoin is a decentralized blockchain currency system that is not as traditional banks headed by central branch of country .

We can say bitcoin system like a publicly handeled ledger book that is transparent to let know anyone about all transactions  .

How Bitcoin Works -

People initially download the bitcoin Wallet and register and invest some money to buy the bitcoins . These purchased btcoins can be used to purchase products or to pay someone .

Bitcoin is a peer to peer computer or device based currency . If a person wants to transfer some bitcoins , then only second person can decode the encrypted key and get the gained bitcoin details .

Bitcoin cryptocurrency system works on the blockchain basis . Blockchain system contains the public list available of all the transactions made to other bitcoin users . This make the system transparent to use .

Bitcoin generates a private key while transaction and this key can only be decoded by the receiver person and no other person can interrupt inbetween .

Bitcoin system transactions completion are felt slow . It basically takes about 10 minutes to show the transactions details and can take also more than it .

Benefits of using Bitcoins - 

1. There is no inbetween transaction fees . No Agents or banks work and between sender and receiver of bitcoins .
2. Many big companies are using bitcoins to accept payments Ebay , Zappoa , Wordpress , Dell , Shopify , etc .

Some points to keep in mind while using bitcoins - 

1. Bitcoin transactions are irreversible . If once we pay bitcoins to someone , we can not reverse this transaction .

2. If you invest in bitcoins , do double check not being a bitcoin scam . Read the reviews , ask in forums and invest after satisfaction Because Bitcoin cryptocurrency has the dfferent rules for the different countries .


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