First of all let’s say Bitcoin is completely illegal in our country. There are also several reasons for invalidation. However, almost all countries of the world have legalized its transactions. Almost everyone knows the name Bitcoin. Especially those who work online must know. The rate at which the price of Bitcoin has increased since 2019 has given almost everyone some idea about it. Today I will try to tell you what Bitcoin is, how it works and the rules of use.
What is Bitcoin?
Bitcoin is a cryptocurrency. It is completely online based transaction. Actually it has no product. Transactions are done entirely through peer-to-peer transactions. Bitcoin was created in 2008 by a man named Satoshi. The types of PayPal or Payoneer Master Cards we use are subject to certain rules and regulations. In this case, a credit or debit card is required which can be used to withdraw money from certain banks or booths.
Bitcoin transactions are completely different. Transactions can be done easily from one end of the world to the other without any restrictions. Does not get stuck in the net of any kind of barriers or rules. There is no limitation in usage. When this data is transmitted, the transactions are automatically recorded on a blockchain, which acts like a normal bank account. Usually it keeps a record of all transactions made by Bitcoin.
However, Bitcoin has a well-known limit. There are 21 million bitcoins available worldwide. It is not possible to make more than this. The most surprising thing is that blockchain is spread all over the world, but it is not controlled by any company or third party. It works completely automatically. Anyone can be a part of the block chain.