What is Bitcoin?
Bitcoin is a software system for payments designed by Satoshi Nakamoto in year 2008, officially launched as open source software in year 2009. It records payment in ledgers with the use of unit of account known as Bitcoin. The payments operate as peers without an administrator or central repository, and it was tagged as decentralized virtual currency by the US Treasury. Though it is argued to gaining a currency status and it is often referred to as digital currency or cryptocurrency. Bitcoins are used for rewarding payment processing work whereby computer ability is offered by the users to clear and record payments in the public ledger.
The exchange activity of individuals or company for transacting and created Bitcoins that was recently launched is called Mining. You can exchange Bitcoins for fiat money even without mining; it can also be exchanged for products and services. Bitcoins can be sent or received electronically with options for transacting fees by making use of wallet software via Personal Computer, mobile applications or mobile devices. Merchants and growth making use of Bitcoin as a payment form for products and services are rewarded to collect digital currency because of reduction in fees below 2 to 3% which is levied by processor of credit cards. There has been warning from Authority of European Bank against Bitcoin for lacking consumer protection, different from credit cars whereby fees can be paid by the buyer and a vendor. Chargeback on Bitcoin are quite possible and can be stolen.
