Originalcrypto | What is Bitcoin
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What is Bitcoin

Cryptocurrency is an encrypted decentralized digital currency transferred between peers and confirmed in a public ledger via a process known as mining.
Below, we take a simplified look at how cryptocurrencies like bitcoin work.

Bitcoin is a form of digital currency, created and held electronically, created in 2009, based mainly on a self-published paper by Satoshi Nakamoto. Bitcoin enables rapid payments (and micropayments) at very low cost, and avoids the need for central authorities and issuers.

Bitcoin Wallets
Bitcoin transactions are sent to and from electronic Bitcoin wallets, and are digitally signed for security. Everyone on the network knows about a transaction, and the history of a transaction can be traced back to the point where the Bitcoins were produced.

Anonymity with Bitcoins
With us you are able to trade anonymously with Bitcoins. You don’t need to verify your account by showing your ID or giving your address information. You are not required to provide any kind of hard currency. Just deposit your Bitcoins and start trading without any further verification! It is as effortless as creating an account and deposit your Bitcoins. Shortly after that, you are free to trade, simple as that!

Transaction fees
It became more popular thanks to low transaction fees, for example if you want to transfer your money through a bank transfer, your bank will charge you a large amount, while transferring Bitcoins is always free. Another advantage is the swiftness of the transactions. When you send your bitcoin somewhere it will arrive minutes later, as soon as payment is processed by the Bitcoin network.

Who prints Bitcoins
Bitcoins have no physical form; they are created and distributed digitally, by people who mine them up. Mining, in this case, refers to computing power. Everyone can mine Bitcoins using their computer. All you need is a computer with proper software programs that follow a mathematical formula to produce Bitcoins. However, mining became harder for solo miners since people started companies that operate lot of servers to produce more and more currency.