What is Bitcoin? A short and informative guide

A cryptocurrency that continues to fascinate the world, the first of its kind, Bitcoin was once a completely cool realm of tech geniuses who sought to uphold a philosophy of maximum autonomy, but Bitcoin has a shot at fame thanks to the promise of a vast consumer base. However, for uninformed consumers, the question remains. So what is Bitcoin? Some really haven’t figured out this wildly volatile cryptocurrency yet. Bitcoin, which is created and stored electronically, is actually a form of digital currency. In fact, no one can control the network, the currency is decentralized. It appeared in 2009 as the brainchild of an individual with the fictitious name of Satoshi Nakamoto. Using P2P technology to function, Bitcoin has a distinctive and flexible function to reach everyone who is interested. Its worldwide recognition is a feature that adds to its popularity.

Accountable to no one, Bitcoins are quite unique. Bitcoins are sovereign by their own separate rules and are not printed underground by any bank, but are mined digitally by large numbers of people participating in a colossal network or community. Miners usually use a huge amount of processing power and there is a lot of competition when mining Bitcoins. Computers solve complex mathematical problems. A rival miner also has the prospect of earning bitcoins in the process simply by solving the problem. However, the level of complexity of these problems is becoming more intense every day. Transactions on the Bitcoin network are non-stop and continuous, and the tracking of these transactions is quite systematic. The Bitcoin network maintains methodicality, as all transactions are collected into a block over a period of time. Miners have to confirm transactions, and everything is listed in a ledger, which is simply a set of blocks called a blockchain. The blockchain actually holds the key to the details of any transaction made through different Bitcoin addresses.

Integrating Bitcoin into people’s lives is the most desired thing right now. This is quite easily achieved with the advent of exchanges. Bitcoin enthusiasts can have a lot of choices when it comes to purchasing this digital currency. A bitcoin exchange allows consumers to buy or sell bitcoins using fiat currencies. There are many exchanges, but originally Mt. Gox was the most famous and widely used before its collapse. On exchanges, consumers can buy or sell bitcoins using wire transfers, cash or credit/debit card payment. Exchanges offer a secure real-time trading platform. Enthusiasm and unrelenting madness always accompany Bitcoin. With so many enthusiasts wanting to trade Bitcoin, the young currency and all the craze surrounding it seems to be growing a little bit by the day. All the knowledge associated with it seems to be as important as the currency itself. The importance of the “Bitcoin wiki”, an autonomous project, cannot be denied at all. It will serve as a repository of knowledge for Bitcoin enthusiasts around the world.