What is Bitcoin?




Bitcoin is a popular form of cryptocurrency exchange which came into existence in 2009. Through it, transactions are made with no mediator or banks. Bitcoins are useful to buy merchandise anonymously in an exchange organized market. It makes international payments easier and cheaper because bitcoins are not confined to a particular country or subject to regulation. Bitcoins are also brought by people as an investment, in hopes of increased value in the future.

Bitcoin provides less transaction fees than old online payment methods. There are no physical bitcoins, rather only balances which are accessible by everyone. Bitcoins are not provided by any bank or government. Bitcoins have gained immense popularity, and has laid the foundation of a lot of virtual currencies collectively known as Altcoins.

A lot of marketplaces such as “bitcoin exchanges” ensure buying and selling of bitcoins using multiple currencies. The transfer of bitcoins is quite easy as people can send bitcoins to each other through mobile apps or computers just like digital cash. Bitcoins are kept in a “digital wallet”. This wallet is a type of virtual bank account that allows users to buy or sell bitcoins, save money, pay for products etc.

Bitcoin follows the law of demand and supply. Due to changes in demand, there exist a lot of volatility in the cryptocurrency’s price. Copying bitcoins is quite difficult as every transaction is publicly recorded. To know more about bitcoin and cryptocurrency, click here.

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