What is Bitcoin? How does it Work and How to Get Bitcoins?


What is Bitcoin?

Today Bitcoin is one of the most trending topic in the digital world. Basically Bitcoin is a cryptocurrency and is the first decentralized digital currency. Bit Coin is a digital payment system created by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto.

Bitcoins are digital currency or coin. The transaction of the bitcoins is made over the internet and can be send to anyone with ease. When we compare Bitcoin transaction to other transaction then we will find that it is the most safest mean of completing a transaction.

Over other available choices bitcoin have many advantages. Bitcoin works on the VPN concept and can be directly transferred straight from person to another via Internet without going to the bank. It means that the transactions fees are extremely lower, anyone can use them in every country, the account cannot be frozen and there are no limits.

How does it work?

There are many currency exchanges available on the Internet where you can buy and sell bitcoins. Your Bitcoins are saved in the digital form in your digital wallet on your computer or mobile device or any online wallet. The Sending and receiving of Bitcoins is as easy as sending and receiving email, you can buy anything with Bitcoin.

Bitcoin Transaction Process:

The Various steps involved in Bitcoin transaction are :

During the Bitcoin transaction first a Bitcoin address, which is somewhat similar to an email address,  by using that address you can use it and receive the Bitcoins in your wallet. You can generate as many addresses as you want, it is best to use them only once.

The bitcoins system is secured by individuals called Bitcoin miners. Workers or miners are paid newly created bitcoins for verifying transactions. All transactions after verified are recorded in a transparent public record.


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