Bitcoin is a form of digital money ecosystem which is collection of concepts and technologies. Bitcoin is a currency which supplies and transfer value to participants. Users of Bitcoin communicate to each other using protocol of Bitcoin primarily via the internet; it is open source software which can be run on wide range of computing devices such as laptops, smartphones which makes technology easily accessible.
Users can sell , purchase, exchange Bitcoin for other currency as specialized currency exchanges , Bitcoin is treated as perfect form of money for internet because it is fast , reliable ,undetermined.
History of Bitcoin:
- Bitcoin invented in 2008 with publication of paper titled Bitcoin. As we know it is an electronic cash system written by alias Satosi Nakamoto.
- Bitcoin network started in 2009 published by Nakamoto and revised by many other programmers
- Bitcoin total market value is roughly calculated between 5 billion and 10 billion US dollar depending on the billion to dollar exchange rate.
- People behind the bitcoin or identity of person are unknown.
Getting your first Bitcoins:
As it is known well known fact for the users of Bitcoin that it is not feasible to purchase bitcoins at a bank or foreign exchange booth at this time. There are number of currency exchange where you can buy and sell in exchange for a local currency, few of them are:
European currency market that hold up many currencies including euros and US dollars through wire transfer.
It is US based Bitcoin wallet and platform broker and customer can transact in Bitcoin , coinbase also makes it easy to buy and sell Bitcoin where users can connect to US checking accounts through ACH system.
This chart shows the market rate of Bitcoin covering many exchanges around the globe in different local currencies.
Therefore Bitcoin is a result of 20 years of research which represents entirely a new platform to build upon , where one can enable an ecosystem as a wide an diverse as the Internet itself.