What Is Bitcoin and How Does it work?

What Is Bitcoin and How Does it work?

In ancient time people used to exchange goods to fulfill their demand and as time passed away, the form of currency changed

Started from copper, silver, or gold coins to paper currency then to plastic currency such as credit or debit card and now we are in the new transforming face where people looking for Bitcoin and more than 2000+ altcoins.

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Bitcoin is a digital currency, which was started back in the year 2009 by Satoshi Nakamoto.

He introduced a Peer to peer electronic cash system in a 9-page document, here is the original copy of the Bitcoin White Paper.

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Let drill down all the possible queries you have in your mind related to Bitcoin and its generation and its backend process and its adoption in the worldwide networks.

In the year 2010, it got first recognition as currency when 10,000 bitcoins were exchanged for a Pizza and that is why crypto enthusiasts also celebrate Pizza day.

Bitcoin is a digital currency that is independent and no central authority has any control over its price movements that are the reason its price fluctuates over time depending on demands and supply.

That is why people call Bitcoin as a Bubble, which may rise or fall at any point.

It may awesome to know you that around 2000+ Cryptocurrencies are currently traded in an active market and to trade them the most basic currency you require is Bitcoin (BTC).

The semi unit of Bitcoin is called Satoshi. In the name of the father of Bitcoin Satoshi Nakamoto.

100,000,000 Satoshi= 1 BTC

Currently, every financial transaction is cleared by Bank or any financial Central governed body, so here is a mediator like Bank who is responsible to clear all your transactions.

To overcome this functioning of Bank and vision to make this payment transaction anonymous and decentralized Bitcoin was originated.

It is based on Blockchain technology and no one is responsible for controlling its price or future, if people will continue to invest in Bitcoin then it will fly else it will die.

According to Statista till Sept 2019, there are more than 42 million active blockchain wallets in the world and keep growing.

In addition, currently, 4000+ worldwide ATM established for Bitcoin.

Yes, Bitcoin (BTC) is yet not legal tender in any country but it started spreading its use cases in various industries.

Now we will proceed with the learning of Bitcoin generation or what is Bitcoin mining process and how Bitcoin comes into the market.