Bitcoin – Overview
Understanding the real concept of Bitcoin is very easy. It is a computer file stored in a digital wallet app. The Bitcoins can be sent to the other person using your digital wallet and vice-versa (The other person can send Bitcoins to your wallet).
It is not a physical asset, so don’t focus on images displayed on websites as they are simply a hypothetical representation of what digital currency will look like. You can also buy Bitcoin and hold it until its price increases.
All the transactions in Bitcoin are recorded in a public list, known as the Blockchain. It is a decentralized technology facilitating managing and recording transactions. However, Cryptocurrency is a form of payment that uses Blockchain technology.
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Cryptocurrency is primarily used to exchange online goods and services that are not controlled by one particular organization or government body. Instead, it is governed and run by the nodes spread worldwide. Furthermore, this digital currency is secured by cryptography which makes it disappointing for hackers as it is impossible to counterfeit the Cryptocurrency.
More than 20 million Bitcoins can exist on the Blockchain, which can be further subdivided into smaller units. The smallest unit of Bitcoin, which is also called a Satoshi, is valued to be at 0.00000001.
