Bitcoin is one of the famous cryptocurrency. After the development of digital currency market, it emerged as the first digital currency. It is a decentralized currency that means it is not controlled by any government or any financial institution.
Bitcoin was created in the year 2009 by Satoshi Nakamoto. For Bitcoin transaction, no middleman is required. It can be used as same as fiat money. One can use it to book a hotel or to but furniture. One can make money by trading Bitcoin; the value of Bitcoin skyrocketed in the year 2017. international transactions with Bitcoin is cheaper because it is not controlled by any bank.
One can buy or exchange Bitcoin at many digital marketplaces called Bitcoin exchange. Mining Bitcoin is famous nowadays. The miners have to solve the complicated mathematical puzzle and can earn from it. A miner can earn up to 12.5 Bitcoin in just 10 minutes by mining Bitcoin.
Bitcoin is stored in the digital wallet which is similar to storing money in real life wallet. The wallet can be divided into two types. One can be stored in users’ computer which has very less chance of hacking but it has the chances of virus corruption or accidental deletion and another is stored in the cloud computing, this wallet is prone to hack by the unauthorized agents. Using the wallet one can send and receive payments. To send a payment receivers wallet address is necessary. one can also [pay for goods using the wallet. The Bitcoin wallets are not insured.
All the Bitcoin transactions are stored in the blockchain, but names of the people doing the Bitcoin transaction never gets revealed the only one can come to know about the recipient’s wallet ID. This is why Bitcoin transaction is highly secured and one buys or sell Bitcoin without getting tracked by anyone.
It is a decentralized and unregulated currency but many countries have started regulating it but still, the future of Bitcoin code is unknown to us. . it has become a matter of concern for the government of many countries as they don’t have any control on it and it is non-taxable.
Among all other cryptocurrency Bitcoin has made its mark in the market and is one of the expensive cryptocurrency today. It is one of the sought after cryptocurrency among the traders as they make good money by trading it. There are various types of Bitcoin available in the market like Bitcoin gold, Bitcoin private.