WHAT IS BITCOIN
Bitcoin is a worldwide popular cryptocurrency and digital payment system. It is very innovative payment system,Without any restriction anyone can use it. It can be exchanged for other currencies, products, and services. It is very secure and Inexpensive way to receive payments.It is the first decentralized digital currency, means the system works without any central administrator. The system is peer-to-peer, that means transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and all the transactions details are recorded in a public distributed ledger called a blockchain. The blockchain is a distributed database to achieve independent verification of the transaction of any and every bitcoin amount. Each network node stores its own copy of the block chain.
History Of Bitcoin
On 18 August 2008, the domain name bitcoin.org was registered. It was invented by an unknown person or group named "Satoshi Nakamoto" it was released as open-source software in 2009. It was created as a reward for a process known as “mining”.
Features of Bitcoin
Features that distinguish it from other cryptocurrencies. The Bitcoin protocol is not just about sending money from A to B. It has many features
It provides users with top level of protection against most common frauds like chargebacks or unwanted charges. Because of the Security Users can encrypt their wallet and have complete control over their money. So there is no chance of any type of Fraud.
Bitcoin allows any bank, business or individual to securely send and receive payments anywhere at any time in few minutes. All types of Payments in the world are acceptable.
With Bitcoin transactions can be possible directly without any mid person. The transaction time and cost is much less as compare to other payment system.
All Bitcoin transactions are public and transparent to all users. The Block chain stores all transaction details. Where user can any time verify.
Current Acceptence of Bitcoin in the World.
Currently Different Companies from different Industries are accepting Bitcoin as a legitimate source of payment. People around the world now started accepting Bitcoin as a medium of exchange. Businesses and Governments around the World are slowly accepting Virtual Currencies, as they partner up with Third-party Bitcoin services that act as middleman to facilitate the exchange of Cryptocurrency directly to Fiat Currency. Most Popular companies that accept Bitcoin for payment: Steam, Overstock, Microsoft, Virgin Galactic, e-gifter, OkCupid, Wikipedia, Peach Airlines, Tesla etc. The Bitcoin craze is catching on in India also. Young investors eye on the digital cryptocurrency as its value soars. After Demonetization people in India invested a lot in Bitcoins. Currently in India Bitcoins are used to make purchases through mobile apps and buy gift vouchers.
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