An unknown programmer under the name of Satoshi Nakamoto invented Bitcoin and released it as open source software. Bitcoin is known as world’s first decentralized digital currency system. Bitcoin is also known as worldwide digital payment system or crypto currency.
Bitcoins were designed to work as a currency. Bitcoins served the purpose of making money transactions in form of digital cash. Bitcoins are also called as virtual currency or electronic currency.
can make money transactions exactly like a conventional currency money transaction works. Bitcoin transactions or transfers are transfer values between one wallet to another wallet that gets included in the block chain
. A private key or seed, used as a secret piece of data by Bitcoin wallets, signs transactions or transfers. This transaction has a mathematical proof proving Bitcoins being transferred from the owner of the wallet.
Bitcoin is a digital currency that can be used in making payments for a number of goods and services purchased by customers. Bitcoin is same as conventional money with some key differences. Bitcoin is as good as paper money with better benefits. Bitcoin transactions cannot be traced or tracked. Bitcoins have been declared as the only acceptable mode of payments by many businesses and one must acquire Bitcoins to make those purchases or do any business transactions.