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WHAT IS BITCOIN?
“Bitcoin” is a decentralized means of tracking and assigning wealth or economic value. Bitcoin is a software protocol, computer network, idea, community, movement, etc. BitCoin -The virtual currency of the internet and one of the most searched words on the internet. Bitcoin is a form of Digital Currency, created and held electronically. No one controls it. Bitcoins are not printed, like Dollars or Rupees they are produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
HOW DOES BITCOIN WORK?
Bitcoin in simple words digital currency. Which is limited in supply. It is neither legal nor illegal in India. There is no one behind it people are behind it. 21 million coins. Owned by people. Blockchain is a public platform. It is decentralized. No one can control the supply. Since it is limited in number. If demand is more than supply obviously the price do shoot up. This is the thing happening with bitcoin.
Bitcoin paved the way for the inception of the world of cryptocurrency, and it remains firm at the top of the list. It is the highest valued cryptocurrency, surpassing the rest by a wide margin. It operates on a peer-to-peer system, facilitating direct transactions. The transactions are verified by network nodes, and they are recorded in a public distribution ledger called the blockchain.