What is Bitcoin?
Bitcoin is an international cryptocurrency and digital payment system which is called as the first decentralized digital currency. This entire system works without a single administrator or a central repository. It was created by an anonymous figure or group under the name of Satoshi Nakamoto in 2008.
The system of Bitcoin works as a peer to peer currency and runs on a system, which supports transaction without a third party. And since it is a decentralized virtual currency it cannot be issued or regulated by any government or authority. The transactions are certified by network nodes and recorded in a public distributed ledger called a block-chain. You can spend it any part of the world only of the receiver accepts bitcoins.
The idea of Bitcoin slowly became popular among the masses when they figured out the strength of bitcoins. And recently in three years, for the first ti1me Bitcoin has reached $1000 and has created a buzz among people. This success has not only created excitement hovering the virtual currency but it is also predicted that bitcoin will transform global business.
How to buy Bitcoin?
If you want to buy these virtual currencies, just visit any of these above sites and follow the instructions given.
The cryptocurrencies are stored in a digital account named as wallet which lets you do the transaction. However, the process is quite complicated and one needs to be aware with the wallet.
Currently, the rate of 1 Bitcoin is equal to 14711.25 United Arab Emirates Dirham.