What Is Bitcoin

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BITCOIN CRYPTOCURRENCY INSIGHT

Bitcoins is a revolutionary Technology that enables a new way to send payments over the internet. We can also Think of it as an open accounting system where thousands of computers all over the world work together to track ownership of digital Tokens called Bitcoins.

When you send someone Bitcoins, the transaction is broadcast to the entire network. Once it is verified, it is recorded in a public Ledger called Blockchain which Contains a record of Every Bitcoin transaction that has occurred Since the system began.

the blockchain is shared and maintained in the network so that everyone keeps a record. Most Currencies are issued by a central authority that Controls the money supply. Bitcoin is a peer to peer system, so there is no central authority. Thus, DECENTRALIZED

Bitcoins are issued to users who help process Transactions in the network. This is Known as BITCOIN MINING. Bitcoin Miners are specialized Computers that do the work required to verify and Record transactions in the Blockchain. As a reward for their work, the miners earn Bitcoins and this is how new Bitcoins are released into Circulation.

Bitcoin system is programmed so that only 21 million Bitcoins will ever exist. As time goes by, the mining reward Decreases, The result is a predictable supply governed by scarcityMaking Bitcoins is somewhat like a digital Gold. Bitcoin is the first currency of the internet and everyone is free to use it.

Bitcoin Allows sending any amount of money to anyone, anywhere in the world as easily as sending an email.  Trading of Bitcoin has been facilitated with the emergence of trading platforms such as www.localbitcoin.com,Coinbase.com and several other. Organizations go to an extent of lending out bitcoins just the same way a bank lends out Loans to its members. Cryptocurrency is the currency of future. Many organizations are embracing this technology and this is what has seen Bitcoin rise in price as well as demand by used.

With Bitcoins  payments in some organizations is possible, besides that Bitcoin ATMs have also been made to facilitate the ease of use of the Bitcoins as well as many consumers embracing it as a payment system

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