Bitcoin.
Unlike fiat money (INR, US Dollar, Euro & other paper currencies), Bitcoin is not regulated by any country. It’s kind of like the official currency of the internet & anyone with an internet connection can own it. This makes it independent of any corporate monopoly because everything about Bitcoin is governed by the huge community of users like me, you, and all of the others who are using it.
The best thing about Bitcoin is how easy it is to transfer all over the world with very low fees.
For example, transferring any amount of bitcoin from the United States to India or Europe will cost only $2-3 or less.
Your transaction also remains
anonymous. Only the sender and the receiver know who is involved with the transaction.
As the world is slowly adopting & accepting Bitcoin, individuals & businesses are saving a lot of money while doing business globally.
In a minute, I’ll tell you about the history of Bitcoin, and many interesting facts, but for now, here’s an
“official” explanation of Bitcoin
How does Bitcoin help an ordinary user like you & me?
Well for starters, no individual or bank is maintaining our transaction ledger. The ledger is available to everyone & transactions are linked to our Bitcoin address.
Unlike normal transactions where we have to enter our personal details, the only thing anyone will see is your Bitcoin wallet address. This ensures anonymity & safe online transactions.
When you make a Bitcoin transaction, your Bitcoin software signs the transaction with your private key. This cryptographic signature is the mathematical mechanism that allows someone to prove ownership
Bitcoin for Beginners:
Here are some common words that you will hear when dealing with Bitcoin:
Bitcoin Address
Bit
Block
Blockchain
BTC/XBT
Confirmation
Cryptography
Double Spend
Hashrate
Mining
P2p
Private Key
Signature
Wallet (Hardware, Software, Mobile wallet)
I will write it down to this extent.
I hope it will help.
A brief description of the block chain.
https://steemit.com/bitcoin/@bitmexk/block-chain-brief-description
