In today’s digital world, everything we do has changed dramatically. These days we rely on modern technology for all kinds of things, such as doing business, staying connected with friends and family, entertainment as well as practical things like shopping, education, etc.
The way technology has helped change our lives, the same way we conduct transactions. In recent years, advanced technology has made online payments easier.
We can easily transact online using our credit and debit cards. Not only this, we also send or receive money from other payment services like Paypal, Paytm service.
However, recently Crypto Currency is becoming an increasingly popular option and is due to bitcoin.
Bitcoin is a new digital currency created and organized electronically. Nobody controls it. Nobody prints it like dollars or rupees.
They are produced by the people by solving the mathematical problems using software running on computers across the world.
Transactions in Bitcoin are done without any intermediary ie there is no agent or bank. In such a transaction, you do not have to pay anything.
The Saki system is peer-to-peer, that is, users can transact directly without an intermediary.
Now a lot of merchants have started accepting Bitcoin: now you can also do pizza or shopping with Bitcoin.
Bitcoin can be used to buy things electronically or for transactions. It is like the traditional dollar or euro, which is traded digitally.
But, the most important feature of bitcoin is what makes it different from other digital money, and that is that it is decentralized. No organization controls the bitcoin network. This makes some people easier, because it means that big banks cannot control their money.
Bitcoin is the first implementation of a concept called “cryptocurrency”, which was first disseminated by Wei Dai on the Cyberpunks mailing list in 1998.
In 2009, Satoshi Nakamoto’s cryptography mailing list got the first Bitcoin specification and proof. But he left without telling much about himself.