Bitcoin has been registered in 2008, but it has gained attention in 2018. Since 2018 bitcoin been there on the lips of everyone but what does bitcoin price means and how does it work?
Bitcoin is a decentralized digital currency without any bank authority or single administrator. It can be used for sending or receiving the peer to peer network internationally without the need for intermediaries. Bitcoin is the highest value cryptocurrency and bitcoin price is much costlier than any other countries.
How doesbitcoin work?
In order to understand, how does bitcoin workslets look at some of the characteristics of this currency:
- Decentralised- One of the main objectives, while creating bitcoin, is that its network is free from government authorities.it is designed in such a way that even if some part of network goes down the money will keep moving.
- Non-repudiable– Once you send the money to someone so there is no way to get the money back. It can only be returned when the sender send a receipt of that.
- Limited supply- Though electronic versions of several currencies are high and has unlimited supply. Bitcoin is completely different it has only 21 million bitcoins.
- Fast – Bitcoin networks have the facility of transferring the payements spontaneously. While normal bank transactions can take several days: it can transfer the money within 24 hours.
How bitcoin can be useful?
When bitcoin is introduced, it wasn’t clear how can we use and spend on other way. But now it can be used for anything. For example, paying for hotels, buying property, paying bills in a restaurant. Several companieslike Microsoft payments in digitalized content.
Bitcoin is the highest value cryptocurrency in the world. During recent years, its worth has increased from $2000 to $3000 and it willget doubled in recent years.