Check your wallet, checked? Ahh its printed currency or coins, isn’t it? We use our country’s currency like Dollar, Euro, Pound, Yen or our home currency for daily household purchases or trades. Bitcoin it is an online virtual currency it’s not physically present anywhere. It stores money digitally in online program via computer/phone, you can not touch it or keep in your wallet.
You can buy and sell it through internet only using different websites like LocalBitcoins
or other platforms. it is father of all Cryptocurrencies, if you don’t know about Cryptocurrency
you can learn more for it here
Central bank of any country controls paper currencies but nobody or any central authority controls Bitcoin. No matter how huge amount of it, you can only see its numbers (balance) and utilize it through internet only.
In old day’s letters were job of a postman to deliver but now in this digital era we use emails. So soon this new currency will take over paper currency in most of large transactions.
Bitcoins is father currency of Cryptocurrency, when you transfer paper money a bank involves, charges their fees and system monitors transaction before transferring but in Bitcoin there is no anyone to monitor it. Your transactions will be anonymous and no one can trace it or freeze your account.
Bitcoin can break up to eight decimals, each decimal is Satoshi. You can either buy a full Bitcoin or smallest chunk of Bitcoin.
Origin of Bitcoin
It was invented by a person Satoshi Nakamoto using an open-source software in 2008 or 2009 (difference resources quote different years). He created the software and published via internet with initial price of 1 cent per Bitcoin.
How to get Bitcoin?
- Direct Purchase: You can either buy it directly with spending your money through previously mentioned websites.
- Offer your service: Sell your service/commodity for Bitcoin instead of paper money.
- Mining : You can mine it with powerful computers having super fast processor and graphics processors, or you can mine with mining devices specially designed for mining purpose. The maximum existence number of Bicoins can be mined up to 21 million but this could be possible after 150 years minimum.