Bitcoin – All You Need To Know About It
In this modern world everything looks possible except one thing and that is virtual money but the introduction of bitcoin has completely shook the world with thunder. Bitcoin is completely a digital mode of currency which only has existence electrically i.e. over the internet.
Bitcoin is completely different from the other source of money as other form of money is centralized by some institution but bitcoin is decentralized there are no such institution who can make this money. The main motive behind to create a bitcoin is that to make a money which is independent, electronically transferable and also charge very less transaction fees. If you want to know more about the bitcoin you can search it over the internet and you get many relevant blog related to this topic.
Who prints Bitcoins?
Well, the answer of this question is no one as there are no such institutions that are responsible for the printing of bitcoin. However if you think that then how this money came into existence then it is to inform you that the bitcoin is created by the digital mode i.e. it is created by a community and anyone can join this community if you want to use a bitcoin. Bitcoin is not distributed generally if you want to use it you have to make it, you can join this community in order to make the bitcoin and after joining this community you know how to do a mining by which bitcoin are generated, this will also make use of the distributed network and this network will also take care of the transactions made in bitcoin. So, you can also say that bitcoin has its own mode of network for payment.
Characteristics of bitcoin
1. Easy – this virtual mode of money is very easy to use and you can easily learn how to earn and spend this money, overall process is very easy with no complication. While if you go in a conventional bank there is lots of formalities which you have to do like set up an account and more. On the other hand you can easily set up a bitcoin account only in minutes.
2. Transparent – on of the biggest advantages of using this virtual mode of money is that it is completely transparent that means you can see a record of your transaction from anywhere in the world at anytime.
However, it is transparent though but still there are a lot of people who cannot send to many bitcoin at any one address or by not using that same address in order to make their transaction opaque.
3. Non-return – when you are using these virtual money for your use be very careful before spending it because if you send the bitcoin it will return to you again until the receiver gave it you.
4. Fast – this mode of payment works in a flash, it doesn’t matter where you are, you can made transaction from any part of the world and the bitcoin will soon very shortly as you complete the sending process. It is good for you if you made the transaction from bitcoin network as they are more fast than the other.
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