Bitcoin is a decentralized digital currency that is owned by none. The government has no control over it. It uses point-to-point networks and cryptographic tests to operate the system. The system is controlled and made free of fraud by recording block chain transactions, a public record of history, once they are validated with a work proof system.
The network started operating in 2009 and is a concept involving virtual currency That has no link to the currency regulated by the government. The Bitcoin system has few advantages like:
• It is less expensive to operate and use this virtual money.
• Can be instantly transferred around the world and there will be no transaction fees. In addition, you can use it and download it anonymously as well.
• Like other currencies, the amount of this virtual money is fixed and no one has the right to create new Bitcoins. However, people can undermine Bitcoins, but there is a limit to this and Bitcoins mining is not cheap at all.
• Bitcoin is an independent currency; No organization has control over this.
• It is a democratic currency.
• It is the digital equivalent of something of value.
• As you use a digital medium, it has the potential to become even more valuable than gold.
How to learn about Bitcoin Conveniently
You can learn about Bitcoin from various sources on the Internet. You can check blogs, magazines, articles, etc. The Internet is a very good source for a beginner to learn more about Bitcoin. Through blogs and forums, you'll learn technical, economic, and political issues related to the Bitcoin system. These mediums are a rich source of information and you can learn all about this virtual currency. Also, even if you are already in the system and know a lot about how it works, you can stay current on all the news and issues about the new digital currency system. It is also wise to register in related forums and begin the discussion with the experts. Post the topics and ask what you are not clear about. Many forums also have a blog section where experts publish informative articles. This is the best source of learning as you benefit from the experience of others.
The digital system of the Bitcoin coin seems complicated for those who know nothing about it and most people find the concept difficult to understand and trust. It will not be long before people start accepting and adopting this virtual, secure, open, and independent money system.
Source by Thomas Champeval