Bitcoin is a digital currency,a form of electronic cash that isused by people using a different currency from all over the world.Bitcoin is written in a lowercase letter during transactioni.e. If 20bitcoin paid then it is written as (20bitcoin) and abbreviated as BTC.The free bitcoin is a newer concept of cryptocurrency and was created in the year 2009 by an unknown person.
All the transactions being done with free bitcoin are between two parties or people (peer to peer transaction) without involving any public bodies like banks. The main purpose of bitcoin is in the tradingsector, as an easy way to do the exchanges and become rich easily.
More about bitcoin
Bitcoin follows the encryption process and follows a mathematical algorithm to get access to it by using two keys for the process, keys are the long strings of unique characters or numbers. Out of the two keys, one is made public known(said as a bank account number) to all through which others send bitcoin and other is private known only to the two parties to whom transactions are being performed, it can be said as an atm pin known only to the authorized user. Bitcoin is different from the bitcoinwallet, it a device through which bitcoin transactions occur.
Bitcoin-a digital currency benefits many people all over the world as it ensures easy transactions among people without the barriers of currency rates in one’s own country, moreover, it is a secure way of payment, and takes your money to the right place due to the encryption algorithm it follows. All of this will is surely helping many users and if it continues at the same pace it may even replace the official currency. Although it has some disadvantages that are so less if we compare itto the benefits obtained from it.