What is Bitcoin? | How Does Bitcoin Work?
What is Bitcoin?
Bitcoin is not a regular Coin that we use day to day basis. It’s also a currency but this currency is not only limited in any specific country. It is a world-wide currency. It is created in the year of 2009 by an unknown person. Till now it is not controlled by any country, that makes Bitcoin riskier. This is a cryptocurrency or a digital currency that means its only exist electronically. There is no physical existence of Bitcoin.
How does Bitcoin work?
A Bitcoin isn’t a string of data that can be duplicated. It uses the application of Blockchain. Blockchain combines the security of cryptography, the storage, and transmission of data in coded form, with peer to peer network to create a shared database of a transaction. The blockchain is central recognition official group of people who keep track everybody money like a bank does in its decentralized system. It’s all work because lots of people keeping track of the same thing so that the transactions can be accurate.
Bitcoins are limited so it’s very valuable. The rate of the Bitcoin is increasing day by day. You can trade Bitcoin. Using this you can buy goods or services online and use it for international payment method. Bitcoin is a worldwide currency so it is accepted by any country. You can use the Zebpay application to do all transaction. It comes with a very simple interface, you can download it from here.
- Bitcoin is international payment method so it makes hotel and flight booking very convenient.
- It’s a very good option for trending because the price is increasing day by day.
- It’s not regulated by anyone so the risk is always there to band it by all the country
- Another risk of bitcoin is the uncertainty cost of the Bitcoin can drop at any time.
- According to our research and observation, it’s very good tending option. You can invest some money at Bitcoins.