Cryptos Land: What Is Bitcoin And Bitcoin Wallet?

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Tuesday, 10 October 2017

What Is Bitcoin And Bitcoin Wallet?

What is Bitcoin (BTC)?
Bitcoin is a currency held electronically and have no physical existence but are rather stored digitally in a wallet. The bitcoins or bits are held in online wallets and are used for trading goods and services.

Bitcoin is a peer-to-peer version of electronic cash that allows online payments to be sent directly from one party to another without going through a financial institution such as Bank or Paypal. Digital signatures provide part of the solution. The network transacts transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work.  This means you can view all transactions taken place in the Bitcoin network using the Bitcoin's Blockchain.
Also See : Free Bitcoins

From Wikipedia :
"Bitcoin is a cryptocurrency and a payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list,and released as open-source software in 2009."

What is a Bitcoin wallet?
A BTC wallet is just like a bank account, similarly like Paypal, Payza, Etc but instead of fiats it holds bitcoin. There are many ways you can get your own free BTC wallet. Always know that Bitcoin Wallets are free, never pay to any person in exchange of wallet service. To see the most used Bitcoin wallets kindly check our page Here listing the known wallet providers.

Note : Only use a reputable wallet provider since there have been events where wallet providers have scammed people by closing the service and running away with money. In order to guard yourself you can also download Bitcoin QT - Client.

Conclusion : Hence, Bitcoin is currency held electronically, not in control of a central organization or party. Bitcoin is not scam or a fraud scheme because it is a network secured by thousands of miners and none of them controls the entire network.
What is Bitcoin and Bitcoin Wallet
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