What is Bitcoin and How it works?

Hello Cloudies, I am here with my first post on what is Bitcoin and how it works. Before bitcoin let's understand Cryptocurrency.

Cryptocurrency is a digital currency (Internet currency) which is generated and accessed virtually. You cannot touch or physically use cryptocurrency. Currently, there is more than 4000 cryptocurrency in which Bitcoin is the famous and expensive one. Saying this won't be wrong, that the world is slowly and gradually switching to digital currency.

Bitcoin was the first cryptocurrency which was released in 2009 and now very famous with the name of "The first decentralized digital current". Bitcoin was founded by anonymous person or group of people who were using the name of "Satoshi Nakamoto". That's why ( 1/100000000 ) of a bitcoin is known as Satoshi. Bitcoin is widely used on the internet nowadays and recognized by a symbol (฿). To hold or store any cryptocurrency, we need an online crypto wallet which will also help us to change our cryptocurrency into dollars or any physical currency. The research held in Cambridge University tells that 5.8 million users use the crypto wallet and most of them using bitcoin.

The process of generating bitcoin is called mining. As an internet user, anyone can mine a bitcoin, all you need is an active internet connection and a good configured personal computer. I will recommend you to start dealing in Bitcoin as it's price is growing rapidly. Currently, in July 2019 the price of one bitcoin is $10,453. Can you imagine, how much is it?

Nowadays, world is getting modernize day by day and people are accepting digital currency instead of real cash, isn't that cool? Cash in your pockets. In United States, there are few big restaurants and outlets which are happily accepting bitcoins. Of-course, bitcoins are getting expensive day by day so its good deal for them.

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