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What is Bitcoin?

Bitcoin is becoming popular these days due to various factors, few of them is, first of all people wanted to know what is Bitcoin since it is related to currency or digital one.

The second one is, eager to know the detail about it, the third one is, its value increasing most of the time, fourth one is, how to buy or sell Bitcoin online or other sources? Fifth one is, Bitcoin too has competitors, and on.


What is Bitcoin?

Bitcoin system is peer-to-peer transaction founded by Satoshi Nakamoto (may be anonymous name). This become popular in few years and used vast by many across globe as a digital payment.

These transactions are verified by network nodes and recorded in a public distributed ledger called the block-chain, so, it is a different currency dealing or digital payment procedure than one expects. This is one more additional source to earn money online and you could do it by investing little amount.


Also, there is no intermediary in between the buyers and sellers, thus, the user can enjoy the full benefit of it. Bitcoin can be exchanged for other currencies or products and services in legal or black markets and on. 

This is the first decentralized digital currency as they are not closely monitored by the other authority (no central authority or banks) but working well, as per expert. You may be wondering what is digital technology then when you see these things. Few thinks what is disruptive technology then? This is how has technology changed our lives.

How Bitcoin works?

Few merchants accept the Bitcoin and the crypto-currency wallet as payment globally. Nowadays there are many payment methods across and this is one of them which hard to trace out sometime. The Bitcoin begun to practice since 2008. 

The Blockchain is a public ledger that records Bitcoin transactions of in and out through a network of communicating nodes running bitcoin software.

The network nodes of the Bitcoin can validate the transactions and copy the ledger then broadcast to other nodes. This is the current procedure what they do and it could be updated by them anytime soon. 

The blockchain is a distributed the database to required one. This is not an online contest to win something out of it but an investment.

There are some additional rules and regulation for the users of Bitcoin too. Like how many transaction per day and how many bulk transaction between per day etc.

Bitcoin units are as follows;

1. millibitcoin (mBTC)

2. microbitcoin (µBTC, sometimes referred to as bit)

3. satoshi.

Description about the Bitcoin:

A satoshi is the smallest amount within bitcoin representing 0.00000001 bitcoin, one hundred millionth of a bitcoin. 

A millibitcoin equals to 0.001 bitcoin, one thousandth of a bitcoin. 

One microbitcoin equals to 0.000001 bitcoin, one millionth of a bitcoin.

Hope this article helped you to know what is Bitcoin and how it works and all. You can try Bitcoin if you would like to at https://bitcoin.org/

There are few more Bitcoin type digital payment and few of them are xrp ripple, litecoin and ethereum etc. which few people used to buy as trading to earn revenue from its ever-increasing value, mostly. 

Sometime its value goes down too as others where one can buy them at that time to earn something out of it in the future.

This is one of the best way or tips to make money online. This is not a business but investment which might be under any circumstances.

Tips: You can buy any coins based on your strength and possibly ignoring in case you face lose which might be for a short-term.