What is a Bitcoin
Bitcoin is a peer to peer digital currency which gets operated over a network of computers across the globe. Its an open source project and available for everyone to involve and contribute the development. Typically bitcoins are generated in hash algorithms which are generated by a process called mining by computer hash power and get stored in blockchain which maintains all the transactions.
Trading Symbol - BTC
Established - 2009
Website - http:///www.bitcoin.org
Block Explorer - http://blockchain.info
Algorithm - SHA-256
Is it another Regular Currency?
Bitcoins are not controlled by any centralized regulatory agency and it's the peoples currency managed by the network of computers, miners, exchanges, wallets and all those tied to the network. Also, Bitcoin doesn't get printed like any other currency as it gets created/stored electronically and you can buy them electronically using any other currency from crypto websites or by means of trading
How Does Bitcoin Work
Characteristics of Bitcoin
1. Decentralized Currency
Bitcoins are produced by mining with the effort of computer machines that are spread across the globe which form the network and collaborate each other with transactions. It's not governed by any single authority.
2. Simple set up
You can get bitcoin address in just few seconds. Just go to blockchain.info and get an address for you to use. You can use any mining pool to generate bitcoins or buy bitcoins to the newly generated address and voila, you are a bitcoin owner.
3. Anonymous Transactions
Bitcoins came into existence as a means of keeping your identity anonymous so no need to use your name/address etc to get your bitcoins. Also, you can have as many bitcoin address as possible
4. It's completely transparent
Blockchain stores all the transactions happens in network and everything is transparent as you can see all transactions going across the network.
Anybody can check the balance at blockchain but they can't relate an address it to a particular person as the transaction is anonymous.
5. Minimum Transaction Fees and speedy process
Bitcoins are charged in a very little amount while you do any transactions and as soon as the blockchain confirms your transactions, it reaches the designated wallet in no time.
6. Online & Offline Wallets
Bitcoins can be stored online using various sites like blockchain.info etc and also you can store them at your computer or USB etc which provides extra security