Bitcoin is the first established payment system in the world of cryptocurrency. It’s as ancient as it goes and is overly popular nowadays. This unique cryptocurrency doesn't have to rely on banks or administration rather it works as a decentralized cryptocurrency.

The transaction process happens between the users directly without any third medium. So, it’s a peer-to-peer connectivity and any seller can connect with a buyer without any other interactions.

All the transactions are logged and monitored by using nodes and noted up in the blockchain. Satoshi Nakamoto is the founder of this famous cryptocurrency. Although no one actually knows what his identity is.

He first introduced this to the world in 2009 and later handed over all the source code to the community later in 2010.

The best part about this cryptocurrency is that a user doesn't have to buy it rather he can mine it. Mining is a process of solving complex algorithms with the help of your computer and later get awarded by bitcoins.

After mining the miner can exchange or sell his bitcoin in exchange for already established currencies like USD, Pound, Rupee, Yen etc. Now the prices have gone up to a great extent.

Anyone can use bitcoins for payment and they can do it anonymously without any problems.

Important Features of Bitcoin

• No third party authority required. One can transmit without any third eye.
• Totally anonymous, no tracking. Staying anonymous is a must in Bitcoin network.
• All transactions are purely transparent. They are logged but can’t track any host address.
• Effectively faster speed.
• Can be exchanged for any currency. Some forums even add the benefit to cover every type of currency conversion.

Bitcoin Technology

Bitcoin runs on blockchain technology. It’s an online ledger system where any transaction process can be logged. It’s not only limited to financial currencies.

It’s mainly used for logging different activities of cryptocurrencies to make sure the process is safe. Any transaction is noted as blocks and saved in a chronological manner. It’s a great method for keeping track of any kind of online transaction.