Bitcoin is a digital currency ,disseminated rival network , where it is used and allocated electronically , this currency is not printable as their amount is very limited and if you see only 21 million Bitcoin can ever be created .Bitcoin is independent from authorities like governments , banks and corporations as no one can interfere in to Bitcoin transactions and no one can take people’s money away as it is very transparent and stored in a gigantic allocated public ledger called the Block chain. It has a total control over people finances, where people can see only amount on his or her wallet and transaction results.
How Bitcoin works:
- Bitcoins are maintained with all digital records of transactions which are clubbed in to Blocks
- If there is any change at least one letter or number in a block of transactions it will affect the following blocks. If there is any fraud or mistake it could be easily rectified and amended by anyone because of maintaining public ledger.
- The genuineness of each transaction is safeguarded by digital signatures correlating to the sending messages.
- Bitcoin transaction is a process depends up on the trading platform, which takes few minutes to complete the transaction; Bitcoin protocol is designed in such a way that each block contains 10minutes to mine.
How to obtain Bitcoin:
- To obtain bitcoins is to buy them which are available in different exchanges where you can also purchase them directly from other people through marketplaces
- To obtain Bitcoin you need a Bitcoin wallet through which Bitcoin exchanges can be paid with cash, credit and debit card transfers or with other crypto currencies.
- Bitcoin is treated as legal in many countries , where as it don’t have any regulations regarding Bitcoin while at some other locations have outright banned it.