What is Bitcoin?
Bitcoin is a new type of currency which is digital in nature and with keys that are cryptographic, in which they are connected to networks of computers where they are decentralized. They are mostly controlled by miners and users across the globe and there is no government or organization that is controlling them. Bitcoin is the first every currency that is digital. It is cryptographic which is famous all over the world and is usually used by merchants and sellers all over the world. It is still like other types of currencies only that they are inside the internet, and they can be used by users to purchase anything they want on the internet by using their digital currencies.
There are also some physical stores and retail shops that accepts bitcoin as their currency and a form of payment while still holding to the typical money currency. Bitcoins can also be exchange through traders. Bitcoin and traditional currencies have several differences with each other. The first is that bitcoin is not controlled by a centralized authority. Miners and users all over the world are the ones that are managing the payments network online. Users can exchange and transfer currencies to other users over the internet which makes it easier and convenient at the same time. This makes transfer fees much lower than that of banks.
The creation of Bitcoin is through a process call bitcoin cloud mining, this is the work of miners and users from all over the world, where they solve and compute sophisticated algorithms in order to make transactions and Bitcoin transfers easier. Digital currency which is bitcoin is only accepted by a handful of retail stores around the world as a form of payment, most of the time, retail stores only accept physical currencies as their mode of payment.
There are online wallets called bitcoin cloud mining wallets that are a bit similar to Paypal that is used to store Bitcoins so that it can be safe from other users. Government agencies do not insure bitcoins and do not have their support which is why if anything happens to your bitcoins, there are no return policies or refunds that can be given to you as they do not have anything to do with the government therefore you are best left with nothing. Bitcoin is more common to people around the world as it is a very convenient way in paying bills and purchasing items online.