What is Bitcoin?

What is Bitcoin?

Bitcoin is the first ever cryptocurrency which was created in 2009. It is digital money which can be used as a mode of payment and unlike other national currencies these currencies are not printed in a paper. It is a decentralized currency in nature which means there is no central authority to regulate this bitcoins. Therefore, ultimately we can say that all the transactions that are made with this digital currency are peer to peer and there is no third party involved in the middleware to process the transactions. There is no involvement of banks and other government bodies and thus you can transact any amount of money without any worry of paying taxes to the government.

Bitcoins cannot also be deregulated by anyone since it is not under any local or central government and since it is not a physical money, no one can identify whether you own these cryptocurrencies or not. You can transfer them across any countries this is because they are country independent and thus there is no worry for you to change them to the national currency of a country when you transact them over two nations. From this feature, we can say that bitcoins are country independent money and thus you can spend it from wherever you are all around the world.

One can even create this electronic money by the process called mining and when you wish to transact them you must have a digital wallet. Hope this article would have helped you in gaining little knowledge about what is bitcoin.


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