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Bitcoin is the internet’s currency also called cryptocurrency is a form of digital asset and digital currency which created and held by electronic means, no one controls it and isn’t printed like other currencies like rupees, riyal, dollars or euros.Bitcoins are formed by using software that solves mathematical problems by peoples and operating computers all over the world. It’s a payment system invented by Satoshi Nakamoto in 2008.
How its different from normal currencies?
It can be used for buy stuff by electronic means. The most important characteristic and thing that make it different from normal currencies is that it is decentralized.
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Who Created Bitcoin?
Satoshi Nakamoto, Software developer invented this payment system “Bitcoin” in 2008. It was an electronic payment system based on mathematical proof. The idea of inventing Bitcoin was to generate a currency independent of any middle control. Bitcoins are transferable electronically with very less transaction fees. Bitcoins are produced electronically, by a society of people that anyone can join.
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Who print it?
No one. Bitcoin currency is transparent and physically printed under the supervision of central bank.
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Who controls Bitcoin Network?
No one owns the Bitcoin network similar to no one owns the technology behind controlling email or internet. Not a single organization controls its system. Bitcoins are managed and issued without any central organization: there is no government, company or bank in charge of Bitcoin.
What can I do with Bitcoin?
Many web services accept payments in the shape of Bitcoin as it’s a digital and electronic currency. It can be used for paying variety of goods and services and for purchasing anything that accepts it. In some cases, Bitcoin is the only accepted payment type and you have to pay it by Bitcoin for completing transaction.
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Characteristics of Bitcoin:
- Transferring of Bitcoins is very fast and you can send funds wherever and it will reach your destination minutes later as soon as the bitcoin system process the payment.
- The transaction fee is miniscule and your bank may charges only 10 pounds for transferring other currencies internationally but Bitcoin doesn’t.
- Bitcoins are totally transparent.
