In this article we will understand what is bitcoin?
Just like INR, Euro, Yen Dollars, Bitcoin is also currency which is completely digital.
This article is for all the beginners those who have no idea what it is all about. And willing to learn the more about it.
We will cover all the basic understanding of crypto currencies going ahead.
So let’s begin.
What is Bitcoin?
Bitcoin is a cryptocurrency which is invented by the unknown group of people in 2008 named Satoshi Nakamato. It is not controlled by any particular group or person or any community. It is completely decentralised. It can be used by anyone over the internet.
Just the way we use different banks to send, receive or save our money, bitcoin can be accessed using bitcoin wallets. There are multiple bitcoin wallets available on the internet.
How Bitcoins Works?
Bitcoin are the safest mode of transactions. There are various people around the globe who accepts bitcoins as a currency against the goods and the services. Transactions made with bitcoins cannot be reversed or refunded. That’s why you should deal with the people those who are legit and trustworthy. There is not involvements of banks or PayPal, you can have complete control over your bitcoins.
Where you can store your bitcoins?
As discussed in the beginning of the article bitcoin is a digital currency so it’s stored digitally either on user’s computer, mobile wallet or on cloud. Juts like an email address you need to have bitcoin address. Every user will have their own unique bitcoin address with the help of that you can transact into bitcoins.
I hope now you have got the enough basic understanding about the bitcoins to start thinking about it more.
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