It’s a form of digital currency created electronically in which encryption technique is used to regulate the generation of units of currency and to verify the fund transfer. It’s operating independently of a central bank.Nobody is there to control it.
The Bitcoins aren’t printedlike dollars. Bitcoin
currency is fully unregulated and totally decentralized. There is no guarantee
or insurance coverage for your deposit with Bitcoin.
You can use your Bitcoins to purchase goods
and services online, or you can gather them hoping that their value might increase
over the years.Bitcoins are transferred from one personal 'wallet' to another.
Transactions takes place directly with no
middle men – meaning, no Banks! Thetransaction fees are too low and no need to
give your real name. Bitcoin has been recorded as the first decentralized
digital currency in the world.
Bitcoins can be earned by two ways – as a
reward for mining, or it can be exchanged for other currencies,products, or services.
Miners are the collective network of people
who contribute their PCs to the Bitcoin network.They are paid for their
accounting work by earning new Bitcoins each week.
How is it Different from Normal Currencies?
Bitcoin is used to buy things
electronically only. It’s not a printed or physical currency.
Who Developed Bitcoins?
Mr. Satoshi Nakamoto - a software developer
- proposed the digital currency - Bitcoinin 2009. The concept was to create a
currency independent of any Bank authority, which is able to transferelectronicallywith
very low transaction fee.
Currently, it’s estimated that over $1B of
investment has been made into Bitcoin sector. Several companies and thousands
of individuals are involved in Bitcoin currency trade from around the globe.
The Working Principle of Bitcoin
Our traditional currency like dollar or
pound has been based on gold or silver. That means, if you deposit a dollar at
the bank, you could get some gold back, but in the case of Bitcoin, it’s not based
on gold; the currency itself is self-contained. It’s based purely on
mathematics.
People are using software that follows a
mathematical formula to createBitcoins.
The final point is, Bitcoins trade can’t be
monitored or controlled by Govt. agencies, banks or tax men. So, it might not
be supporting any Govt. or nation’s interests.
The Features of Bitcoins
Bitcoin has numerous important features
- Bitcoin Account Set up is easy
It’s too easy to set up a Bitcoin account; it can take only seconds, no fees is required or no needed much formalities like for setting up a Bank account. - Bitcoin is decentralized
It’s not controlled by a single authority. Every system which uses Bitcoin and does transactions are becominga part of the Bitcoin network. Not any central agency can issue any monetary policy or control the transactions. - Totally transparent
The Bitcoin keeps all the details of transactionswhich ever happened in a large general ledger, called the Blockchain. - It's anonymous
Users in a Bitcoin network can have multiple addresses, or they aren’t linked to names, addresses or any identification numbers. - Transaction fee is less
Bitcoin charges for transaction are too low compared to traditional Bank charges. They will charge a small fee for the service of their servers, the online exchanges which convertsBitcoins into dollars, and for the mining pools you join. - It’s non-refundable
When you transfer Bitcoins to other persons, they’re gone forever, no chance to get them back, unless the recipient is willing to return them back to you.
Bitcoin Security
Bitcoin is not 100% secured like other
currencies. The person who has Bitcoins with him should find his own precaution
in order to not be stolen by hackers.
Programming Languages used in Bitcoin
Bitcoin is primarily written in C++. Java
and Python languages are also used.
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