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Bitcoin is a new kind of cash. Which is used now a days in transactions. Bitcoin uses only technology to operate no other managing authority or banks are required to make bitcoin transactions. They're digital and consequently they are not printed as dollars or currency notes or euros or like any other nations currency note. They're not restrained by people, but its simple technology which helps in handling of those. The technology behind is mostly applications and mathematical operations. They can be used to purchase or sell stuff similarly as cash works. Therefore, it does same work as any currency note would do. And also the reply to this is Bitcoins were created with a software developer named Satoshi Nakamoto.
The main aims were to make transaction digitally rather than taking help of other authorities. The edges are low transaction fees, independent of any authority involved, they are transferred electronically, time required in transactions is very less. Though there is no authority behind it to keep and procedure, bitcoin transactions do have rules and regulations. Rule says that only 21 million bitcoins could be made or created by miners. These rules are determined by the creator of bitcoins.
However, the rule also says that bitcoins may be broken into smaller parts. This smallest divisible amount is called as Satoshi, which will be named following the creator of bitcoin. Next question that comes in our head is what is it based on? As we understand our current currency is dependant on the most dearly-won metals which as gold and silver. That means when you deposit or purchase gold from bank you will receive same amount as that of gold back from the financial institution. But bitcoins are not based in gold. Its known to be predicated on mathematical principles. They're being produced by people all over the world, by using mathematical formulas and principles. The formulas of math are freely on internet and hence anyone or everyone can assess it. You can buy bitcoins from either exchanges, or directly from other people via marketplaces &website link
