Bitcoin

The digital currency or cryptocurrency is called Bitcoin which is best used for transactions in the virtual world. It uses peer-to-peer (blockchain) technology to function without any control of banks or central authority; management of transactions and the issuance of bitcoins are done cooperatively by the network online. Bitcoin is open-source based; it has a free designing concept, no legal control to prevent anyone from investing/transacting in Bitcoin. Though considered volatile and insecure still Bitcoin has got many special features and exciting usages that could not be accomplished by any authorized payment system.

 

Bitcoins are not physical cash; only they are maintained on a public ledger empowered by the cloud technology that together with all transactions involving Bitcoin are confirmed by a huge volume of computing control. Neither any government nor any bank issues or supports Bitcoins. They are never considered as valuable as a cash commodity. In spite of not being legally recognized, Bitcoin is presently high on popularity, and has led to the development of tons of other digital currencies jointly called as Altcoins.

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