What is bitcoin and how does it work?

Bitcoin has become talk of town nowadays. On one hand, the most high tech. country Japan gives them green signal and considers bitcoin as a legal tender while on the other, JP Morgan Chase CEO Jamie Dimon, CEO of JP Morgan Chase (an American multinational banking and financial services) calls it a fraud.

Bitcoinis a digital currency that uses rules of cryptography for regulation and generation of units of currency. They come under under the scope of cryptocurrency. It is a digital asset that is designed to work as a medium of exchange of goods and services through online to secure transactions, to control the creation of additional units, and to verify the transfer of assets.

Bitcoin was first invented by Satoshi Nakamoto in 2009 and since then its value has been soaring high and recently, it has plunged over 50 percent of its value. Bitcoins are completely virtual coins that are designed for those who need no bank to move and store their money.

A lot of websites and servers accept Bitcoin and one can use bitcoins to purchase goods and services online or they can save them and hope that their value increases over the years. Bitcoins are exchanged from one personal 'wallet' to another. A wallet is a small personal database that you can store either on your computer drive, on your smartphone or on your tablet.

in simple word

bitcoin is a currency which is only exist in digital form. you can buy sell think through bitcoin and also mine it through your phone , computer .

features

no involvement of government in it

free to mine but need good minning setup

no one see ur transactions .

u can buy any thing.

till now unhackeable.

• Hosp has explained before why a potential cryptocurrency bubble could burst in 2018, but there are several factors that make him see upside potential in the space.
• For bitcoin, the most important cryptocurrency by his estimation, he sees a 150 percent potential upside for 2018.
• Taking into account several factors, the cryptocurrency market's upside potential could rise to up to seven or eight times present levels, he says.