So what is this Bitcoin. We are hearing this often now a days. It could be more because of the sudden surge in the Bitcoin price against the USD. There are reasons why people are discussing about it. So all before we discuss about those reasons lets see the basics first. what is Bitcoin? Following are the Bitcoin descriptions from some of the famous websites.
1.It is a digital currency that is created and exchanged independently of any government or bank. The currency is generated through a computer program and can be converted into cash after being deposited into virtual wallets.
2. It is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet.
3. The Bitcoin is a form of currency without notes and coins, it is a digital currency.
4. Bitcoin is an open source peer-to-peer payment network and digital currency.
5. Bitcoin is a new currency. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures.
6. Bitcoins are the equivalent of Internet cash. You can send Bitcoins over the Internet directly to anyone with no middle man. Like cash, Bitcoin transactions are irreversible. Bitcoins are traded worldwide.
So all the above defs would have given you some intro about our BUZZ BUZZ word Bitcoin.
So in all simple and straight terms it is a new form of digital currency for exchange. We can say it is the real Democratic currency system managed by the people, for the people. No country controls it. Created by people, for the people. Internet Currency. Not Circulated Outside unlike money.
1.It is a digital currency that is created and exchanged independently of any government or bank. The currency is generated through a computer program and can be converted into cash after being deposited into virtual wallets.
2. It is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet.
3. The Bitcoin is a form of currency without notes and coins, it is a digital currency.
4. Bitcoin is an open source peer-to-peer payment network and digital currency.
5. Bitcoin is a new currency. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures.
6. Bitcoins are the equivalent of Internet cash. You can send Bitcoins over the Internet directly to anyone with no middle man. Like cash, Bitcoin transactions are irreversible. Bitcoins are traded worldwide.
So all the above defs would have given you some intro about our BUZZ BUZZ word Bitcoin.
So in all simple and straight terms it is a new form of digital currency for exchange. We can say it is the real Democratic currency system managed by the people, for the people. No country controls it. Created by people, for the people. Internet Currency. Not Circulated Outside unlike money.
