Bitcoin

Bitcoin

Bitcoin is a digital and global money system currency. It allows people to send or receive money across the internet, even to someone they don't know or don't trust. Money can be exchanged without being linked to a real identity. The mathematical field of cryptography is the basis for Bitcoin's security.

Bitcoin was invented by someone using the name Satoshi Nakamoto. A Bitcoin address, or simply address, is an identifier of 26-35 letters and numbers, beginning with the number 1 or 3, that represents a possible destination for a bitcoin payment. Addresses can be generated at no cost by any user of Bitcoin. For example, using Bitcoin Core, one can click "New Address" and be assigned an address. It is also possible to get a Bitcoin address using an account at an exchange or online wallet service.

Simply

Bitcoin is a digital currency also known as cryptocurrency or virtual currency, built on top of the blockchain technology. Yes, bitcoin is nothing that you can print, touch, feel, or store in your safe or wallet. Bitcoin is virtual. Technically, bitcoins are bunch of numbers (0s and 1s) stored on a bunch of computers around the world.

Bitcoin is built on a technology called blockchain. Blockchain is the reason why Bitcoin is so popular. Blockchain is a technology to create, store, and manage digital transactions that are public, secure, and distributed.

Why

Bitcoin was created in 2009 by an unknown individual or a group named “Satoshi Nakamoto” to provide a way to pay for transactions without a third-party like a bank. The transactions occur between two parties without any middlemen.

There are no transaction fees and both parties are anonymous. When you buy bitcoins, you get a unique digital address that becomes your identity, and that address is used for every transaction.

Bitcoin (and cryptocurrency) is the future of money, some says, actual physical currency will start diminishing and digital currency will start appearing. Time will tell.

Is legal

Bitcoin is not regulated or backed by any country or government. It is private peer-to-peer transaction. All parties in bitcoin transactions are anonymous. Bitcoin is not illegal but it has been regulated in some countries.