Bitcoin is an online currency. It can also be termed as Crypto currency. Bitcoin works as an online financial network. It helps in transaction of payments from one person to another.
Bitcoin is a decentralized financial network. No one owns Bitcoin network or no one can control Bitcoin network. It needs multiple computers working together, all over the internet working to process a Bitcoin transaction, as Bitcoin financial network has a peer to peer structure.
Bitcoin is unique because it is not real currency. It has its own identity. Unlike conventional currencies, Bitcoin conducts all financial transactions in Bitcoin, the new monetary unit.
Bitcoin transactions are widely accepted by the new generation who sees a new future in financial services with Bitcoin’s unique properties. Bitcoin has been welcomed by many as an effective antidote of inflations caused by conventional currencies financial services worldwide.
But, Bitcoin has its own misgivings too. Bitcoin being the online financial network is largely misused in illegal transactions on online gambling. Bitcoin also facilitates government agencies uncensored and unscrutinized money transactions by people, who wish to avoid tax and other government liabilities while transferring funds.
Bitcoin is now fairly widely used to make international payments as it remains unaffected by fluctuating money exchange rates. Bitcoin
is an international currency having global acceptance.