What is Bitcoin?

Bitcoin is a medium of exchange that facilitates peer-to-peer transactions secured by cryptography and a digital financial system that could replace traditional finance

Bitcoin is widely known as the very first cryptocurrency. Its popularity has reached such heights that for many, Bitcoin is synonymous with the term ‘virtual currency.’

Indeed, it wouldn’t be wrong to call Bitcoin the very embodiment of what a crypto coin should be.

What is Bitcoin
What is Bitcoin

Bitcoin is a decentralized cryptocurrency that runs across a peer-to-peer (P2P) network of computers known as nodes. Unlike centralized currency, Bitcoin is a currency that can be transferred among counterparties without requiring intervention or permission from a central figure/institution or any third party.

How a Bitcoin transaction works

Each user on the Bitcoin network has a private key and a public key. A public key is essentially a series of letters and numbers that can be shared with other users to receive funds.

A private key, known only to the user, is used to authorize and sign a transaction and access one’s account. So, Person A can send BTC to person B on B’s public key address after authorizing the transaction through their own private key, and B can only access this BTC sent across by using their private key.

What Is the Future of Bitcoin? 

With the mining and rewarding mechanisms as they are right now, the last BTC will very likely be mined around 2140. However, miners on the network will continue to be rewarded with a part of the network fees even after that, as an incentive to keep the Bitcoin blockchain secure and orderly.

How Can You Acquire Bitcoin?

In India, you can buy and sell Bitcoin through crypto exchange platforms.

Bitcoin is so far the biggest cryptocurrency across the world, and it has even managed to surpass gold as a store of value for many investors.

Bitcoin has already proven its ability to withstand tough times again and again- emerging stronger on the other side every time. Therefore, it would be quite safe to assume the future is only going to be brighter for this crypto.

Conclusion

If you liked this article What is Bitcoin? or got to learn something, then please share this post on social networks and don’t forget to follow me on Twitter and Instagram.

Malik Mehrose
Malik Mehrose is a young entrepreneur, author, blogger, and self-taught developer from Jammu and Kashmir. He is the founder and CEO of SHOPYLL, His startup "SHOPYLL" has emerged a new shine to e-commerce business in Jammu and Kashmir, with a vision to boost the e-commerce ecosystem and to uplift industrialization in Jammu and Kashmir.