What is a bitcoin

Nowadays the trend in any financial market is the talk of bitcoin. People are going crazy over this new phenomenon which is the bitcoin currency. Almost all future transactions are expected to happen with this.

What is it all about?

So What is a bitcoin and why is this craze for it suddenly? Let us learn all about that. Now what we understand here is that bitcoin is nothing but an innovative payment network. This will be the new kind of currency or money. This kind of currency will be used for all the futuristic transactions going forward. So in this technology which is basically a peer-to-peer network there will be no requirement of any kind of central institution. In the usual cases there will be the requirement of banks or other forms of institutions which will act as the central agency and will take care of the transactions. But in this case there will be no such need as the bitcoin transaction will not require any kind of central agency.

What is a bitcoin

How does it work?

If you are wondering how it will work, it will simply manage the transactions which are issued with bitcoins with the help of a network. All the transactions which will happen will go through the network itself. Since the entire operation is basically open-source, there will be no central authority or any kind of central server here. The best part about bitcoin is that there is no owner for this currency. In fact there is no particular authority or agency which will be responsible for bitcoin. It is open to all the public and anyone can make use of it. There are various advantages and unique properties to bitcoin which will make it exciting to use for the general public.

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