What is BitCoin

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i want to know what is bitcoin. please help me

 

UmaimaMalik 61 views

Answer ( 1 )

  1. What is BitCoin

    Bitcoin is a virtual currency and payment method which was invented by a mysterious figure, Satoshi Nakamoto. Bitcoin is truly decentralized, open-source and uses the concept of Peer-to-Peer exchange. This means that users can exchange bitcoins and make transactions without any central system, middle man or intermediary. All the bitcoin transactions are approved and authenticated by a group of miners and the all the transactions are recorded in a cryptographic ledger called blockchain. Blockchain also provides transparency to all the users within its network.There are different ways to buy bitcoins. You can either do that from online bitcoin exchanges or you can mine your own bitcoins. Bitcoin mining is somewhat intricate and it requires immense hardware set up and is very time consuming, difficult and sometimes, pretty boring but the BTC rewards are high. However, cloud mining is somewhat better where you just buy mining contracts and you get an access to some remote data centers. Last but not the least, you can use bitcoin ATMs for the same purpose. The only thing is that they aren’t available everywhere and there might not be a single bitcoin ATM in your vicinity.

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