Before jumping into any definition, it is always essential to know how it operates to comprehend what Bitcoin is. Bitcoin operates on a’ blockchain’ technology, a decentralized government ledger distributed on the bitcoin network between multiple pcs or nodes. Whenever a customer makes a transaction, i.e. gives bitcoin to another user, the network will verify it before recording it in the ledger. All transactions are transparent, irreversible and unchangeable. A bitcoin’s smallest unit is a’ satoshi’ with a value of 0.00000001 BTC, making it possible for micro-transactions.
How to get bitcoins?
The easiest way to get a bitcoin is to purchase some from a bitcoin exchange or online marketplace where other bitcoin lovers are buying or selling their Btc. Buying bitcoin is not a science of rockets; you can just purchase it for actual cash or other cryptocurrencies. You need to do one thing, though, before you go to buy BTC, which is a bitcoin wallet. This is where you store your Bitcoins, and you can purchase and sell BTC using your wallet address. It can be an online wallet, a wallet software that you can install on yoursmartphone, a hardware wallet, a paper wallet, or an app-based wallet. Never forget to identify your requirements before you start, do your research and get the best possible bitcoin wallet.
Bitcoin is open-source; its structure is public, Bitcoin is not owned or controlled by anyone, and everyone can participate. Bitcoin enables you to pay with an easy two-step scan-and-pay whenever used on a mobile device. No need to get yourself into all sorts of hassles like to register, swipe card, type a PIN or register anything. All you need to receive payments from Bitcoin is to show the QR code in your Bitcoin wallet app and let the other party scan your mobile phone or touch the two devices. That’s it — the hassle-free simple way to deal.