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What is Bitcoin? | CryptocurrencyKart.com


Bitcoin is a decentralized form of digital currency which means no one controls it. Bitcoins aren’t printed and issued like as dollars, Rupees, Euros and other such forms of money. They’re created by computers all around the globe using software that solves mathematical logics/problems. Bitcoin is the first notable Cryptocurrency which is represented as BTC.

What makes Bitcoin different from Fiat Currencies?

Bitcoin can also be used to buy almost any product or services who accept it as a legal tender. The only thing that makes Bitcoin different from other forms of money is, Bitcoin is decentralized which means no single person nor institution controls the bitcoin network.

Who created Bitcoin?

Bitcoin was created by an unknown programmer, or a group of programmers, with the pseudonymous name "Satoshi Nakamoto" and released as open-source software in 2009. The idea was to create a peer-to-peer network for transactions to take place between users.

All The transactions are verified by network nodes and recorded in a public distributed ledger called as blockchain.

Who creates Bitcoins?

Bitcoins are mined by a community of people that anyone can join using computing power in a distributed network and is called as 'Mining'. No one creates bitcoins nor prints bitcoins, You should not accept physical bitcoin tokens, coins or printed piece of paper.

Bitcoin Limited Supply

Only 21 million bitcoins can ever be created by miners. However, these coins can be divided into smaller parts and are called as ‘Satoshi’.

Bitcoin Units.

1 BTC = 100,000,000 Satoshis

1 BTC = 1,000,000 μBTC (microbitcoin)

1 BTC = 1,000 mBTC (millibitcoin)

What is Bitcoin based on?

Fiat currency is backed on gold. that means if you hand over a $100 note at the bank, you could get gold in return for the same value. But bitcoin isn’t based on gold it’s purely based on mathematics, you don't get back your math if you return your share of bitcoins.
What are the characteristics of Bitcoin?
1. Decentralized :

Bitcoin network isn’t controlled by one central authority. Every machine that mines bitcoin and processes transactions makes up a part of the network.

2. Easy to set-up :

You can set up a bitcoin address in seconds, no strings attached. Where as you must visit the bank and face hurdles to open an account with the bank.

3. Anonymous :

You need not reveal your personal dentifying information.

4. Completely Transparent :

Anyone can tell how many bitcoins are stored in a Bitcoin address, the details of every transaction that ever happened in the network are recorded in the BlockChain Ledger.

5. Low Transaction fees :

Bank's charge huge transactin fee for international transfers. With bitcoin you can send money anywhere with low transactional fee in minutes.

6. Irreversible :

When you send bitcoins, from your wallet there’s no way to get them back, unless the recipient returns them to you. or else they’re gone forever.