What is Bitcoin?

Bitcoin the most prominent word almost known by all of us but do you know what exactly it is? Bitcoin is a cryptocurrency or a form of electronic cash. It is a decentralized digital currency which does not have any center or any manager. It is a peer to peer network which allows us to transfer bitcoin and make the transaction by the users easily without a need of any conciliator. Transactions are verified by network nodes through cryptography and are recorded in a record called a blockchain. Bitcoin was invented by a mysterious person or group of people using the name Satoshi Nakamoto and released as open source system in 2009. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Bitcoin is a kind of reward processing unit which is very common nowadays we will also discuss some of the ways to earn free bitcoins so stay tuned. Read Also - How to generate free bitcoins? People can also invest in bitcoins by trading, for a commercial purpose. It has many other altcoins such as ethereum, bitcoin gold, ripple, bitcoin cash, NEO, litecoin etc. it has a large electricity consumption and is very price volatile throughout. It also has a chance of theft from different exchanges and is a very risky game. oh! yes, it is although not a game and also not easy as games are but also not impossible, Bitcoin a peer to peer electronic cash system as mentioned above was published to cryptography mailings. Satoshi Nakamoto later implemented the Bitcoin software system as open source and finally released it on January 2009. Satoshi Nakaodo is an unknown mysterious person as mentioned above. Bitcoin the word finally come up like a blockbuster and took very high rise in its prices, its price from $0.30 per bitcoin at 2011 to 6,424.28$ per bitcoin today. The inventor of bitcoin (Satoshi Nakamoto) mined about 1 million bitcoins and is unknown!. At last for the conclusion, we must say that Bitcoin is a very large topic to discuss and we can end up by saying that bitcoin is just a currency but of high level and decentralized platform and is invented by an auspicious person named Satoshi Nakamoto. Thanks! for your patience and please like and share if helpful.

Posted from my blog with SteemPress : http://coinjija.com/bitcoin/