What is Bitcoin?

What is Bitcoin?

Different countries have different currencies. Just like Rupees of India and Dollar of America, so Bitcoin is also a type of currency but this currency is slightly different from other currency. Bitcoin is a Digital Currency or Cryptocurrency which is based on open-source software. We can not see or touch it, it is only kept in digital mode in digital wallet. This currency is based on computer networking only. In other words, the bitcoin currency is traded through fixed computer network.

You can use this currency for online purchases and other transactions. The most special thing of this currency is that Bitcoin is not an open source technology or independent currency and there is no control over any person, organization or country etc. This means that there is no owner of this currency. And even then the person who invented Bitcoin, that person is also not fully aware of anyone. This digital currency is operating automatically without any controlling institution.

Who Invented Bitcoin???

Bitcoin was invented by Satoshi Nakamoto , a programmer (software engineer) on January 3, 2009. However, no one has even a strong knowledge of Bitcoin’s real inventor “Satoshi Nakamoto”. The purpose of making bitcoin in the beginning was not to change it as a “Cryptocurrency” but it was to prove that the transaction of money is also possible without any bank or third party. But later it took the form of a “digital currency”.

Use and Importance of Bitcoin –

Bitcoin is the fastest, safe and cheap way to make any type of transaction. Most of its usage is used to send money from one country to another. Generally it takes a lot of time to send money from any country to another country and banks charge fees up to 10%. Apart from this, there are many rules and regulations from different countries. But in a second you can send bitcoin to any person sitting in any of the world and its fees are also minor. All transactions are encrypted so this is a safe way.

Apart from this, its use has been growing continuously in other areas such as online shopping.

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