Bitcoin is new currency these days. In simple language it’s cryptocurrency. It was created in 2009 by a person whose name is Satoshi Nakamoto. Bitcoin is a digital asset and a payment system. It is commonly called a decentralized digital currency. The main thing is which differentiate Bitcoin from other currencies is other currencies are in printed format but Bitcoin is in a virtual format. You cannot touch, smell and feel the Bitcoin like you use to touch your currencies.
Who created it?
As earlier I said Bitcoin was created by a person Who’s name is Satoshi Nakamoto. The idea behind creating a virtual or digital currency is to produce a currency independent of any central authority, with low transaction fees.
Why its different than normal currencies?
Bitcoin’s most important characteristic, which makes Bitcoin different is that it is decentralized. No single Bank, Institution, organization controls the bitcoin network.
Bitcoins are not in printed format. It’s totally virtual.
How Bitcoin Works?
Basically, Bitcoins works on the blockchain. The system is peer-to-peer, that is, users can transact without any intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain.
What is Bitcoin Mining?
Just like anyone can join the internet, anyone can help to verify and record payments into the blockchain. This process is called Bitcoin mining. In Bitcoin mining, miners offer their computing power. Miners are rewarded with newly created bitcoins and fees. Currently, if you start bitcoin mining then you will get 12.5 bitcoins every 10 minutes.