What Is Bitcoin? An Ultimate Guide

What Are Bitcoins

What Is Bitcoin?

Bitcoin is a Digital Currency or Cryptocurrency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made without any middle men – meaning, no banks! There are no transaction fees and no need to give your real name (However wallets charge a fee to send coins). More merchants are beginning to accept them: You can buy alot of things online like Iphone, Cars and even Pizza

What is Bitcoin Wallet?

In Simple Words : A wallet is a software in which you can store you Bitcoins. To be technically accurate, Bitcoins are not stored anywhere; there is a private key (secret number) for every Bitcoin address that is saved in the Bitcoin wallet of the person who owns the balance. Anyone can have as many Private keys as they want.

How To Own Bitcoins?

Bitcoins can be owned by Mining and by buying. There are alot of Sites from where you can buy Bitcoins like Coinbase.

What Is Bitcoin Mining?

In Simple Words ; Mining Is a way to build Bitcoins Its Like A Bank Where Dollars Are Printed . To Be Technically Accurate Bitcoin mining is the processing of transactions in the digital currency system, in which the records of current Bitcoin transactions, known as a blocks, are added to the record of past transactions, known as the block chain.

How Mining Works?

Miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine.

What Is BlockChain?

Sites or users using the Bitcoin system are required to use a global database called the blockchain. The blockchain is a record of all transactions that have taken place in the Bitcoin network. It also keeps track of new bitcoins as they are generated. With these two facts, the blockchain is able to keep track of who has how much money at all times.

Still Can’t Get What Are Bitcoins? Watch the video below

If You Got Any Questions Comment Below. Thanks 🙂

8 thoughts on “What Is Bitcoin? An Ultimate Guide

  • 20th January 2018 at 6:41 pm

    You can complete 3 things with bitcoins, you can influence a buy, to send cash namelessly to somebody or use it as a venture.Crypto currency

  • 1st February 2018 at 12:53 pm

    I am very thankful for the author of this article. Even if I have been using Bitcoin for a few months already, it's hsrd to familiarize yourself with every technique and this advices are quite new for me. Read more

  • 3rd February 2018 at 12:29 pm

    I am so grateful with this article. For beginners like me, it's hard to understand some technical terms. But, this article is using simple terms that will reallt guide you so that you cna grasp the basic. Check this out for more information.

  • 13th February 2018 at 5:01 pm

    Since the firm needs to source the coins from different purchasers, you may confront postponements or interruptions when laying orders amid quick market moves. eroiycoin.com

  • 18th February 2018 at 3:32 pm

    Bitcoin is a kind of electronic cash (CryptoCurrency) that is self-ruling from conventional saving money and came into flow in 2009.initial coin offering

  • 24th February 2018 at 9:11 am

    Thanks for sharing this informative and interesting article with us.
    Follow the link for Join the first SEC-compliant #ZENcoin cryptocurrency crowdsale that features pricing usually only reserved for the rich or insiders, discounted pricing up to 50%


Leave a Reply

Your email address will not be published. Required fields are marked *