What is Bitcoin? | Merit Forex
What is Bitcoin?
Bitcoin is a form of digital currency created and managed in an electronic environment. No one controls Bitcoin. Bitcoins aren’t printed like other currencies dollar, euro etc. They are generated by people running huge computers system all around the world and using complex software that solves mathematical problems.
Bitcoin is the first and biggest example of an expanding category of money known as the crypto currency. Bitcoin year of birth is 2009.
What makes it different from normal currencies?
BitCoin is basically the same as the other currencies. It can be used to buy anything in the digital environment. In this aspect it is like the traditional currencies (euros, dollar or yen) which are also spent digitally. However, the most important feature of BitCoin which makes it completely different from traditional money is that there isn’t a single controlling mechanism on the bitcoin network.
Who prints it?
No one prints Bitcoin. Bitcoin is not physically printed by central banks and it has its own regulations. Central banks can print more money according to their needs or economic situation. Bitcoin is mined digitally by a community that everyone can join. Bitcoin is produced by means of mining using powerful computers.
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