Bitcoin is the crypto currency or you can say it is the decentralized of digital currency. You can also call it virtual currency. Virtual currency or digital currency means they do not exist in a physical manner but their value matters. Bitcoins are essential tokens without physical balance, and it’s work on a block chain technology and by this technology, all transactions occur on a decentralized network of computers around the world. Basically, the network used in this technology is peer to peer network and transactions take place between users directly, without an intermediary. The founder of bitcoin is still anonymous. The only information available is that he is known by the name of Satoshi Nakamoto.
Bitcoin has no financial authority like RBI for the rupees. Bitcoin can be divided into 8 decimal bits.The smallest bit is called Satoshi. A Bitcoin price is decided by the law of supply and demand. As the supply is limited to 21 million bitcoin, so many individuals use bitcoin and as the increased demand which is combined with fixed supply, so as a result of it, it will force the price to go up.
How bitcoins works?
When you transfer a bitcoin to other person account or wallet, then the transaction is added in the block chain and it’s broadcast to the network, the block chain checks the transaction process and sure that the same bitcoin is not spent twice by the same user. A computer network authorizes the transaction by using their algorithms so that the transaction becomes unchangeable. After validation, the transaction is added to the receiver account.
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