What is bitcoin? A concise and informative guide

The cryptocurrency that continues to enchant the world, the first of its kind, Bitcoin was once entirely a stylish realm of tech geniuses who wanted to uphold the philosophy of maximizing autonomy, but Bitcoin has hit the mark with the promise of a wide consumer base. But there is still a demand for uninitiated consumers. What exactly is Bitcoin? Some should not unravel this overly fluctuating cryptocurrency. Electronically generated and stored, Bitcoin is actually a form of digital currency. The network cannot be managed by anyone, the currency is decentralized. It originated in 2009 as a brainchild of a person with the adopted name Satoshi Nakamoto. Using the P2P technology to function, Bitcoin has the distinctive and flexible function to captivate everyone who is interested. Global acceptance is a feature that contributes to its popularity.

Without responsibility to anyone, Bitcoins are quite unique. Bitcoins are sovereign with their different rules, and are not illegally printed by a bank except being mined, they are digitally produced by a large number of people involved in a colossal network or community. Miners usually use enormous computing power and much competition is involved in Bitcoin mining. Computers work to solve complex mathematical problems. Competing miners also have the prospect of earning Bitcoins in the process by solving the problem alone. Although, the difficulty levels of these problems become more intense every day. Transactions on the Bitcoin network are relentless and unceasing and the tracking of those transactions is fairly systematic. Bitcoin network keeps it methodical, because all transactions are collected in a block during a certain period. The miners are supposed to validate transactions and everything is mentioned in a ledger, which is just a collection of blocks, called blockchain. Blockchain actually contains the key to the details of every transaction that is executed via different Bitcoin addresses.

Bitcoin integration into people's lives is currently the most coveted. This is achieved quite easily through the emergence of exchanges. Bitcoin enthusiasts can make many choices when they want to purchase this digital currency. With a Bitcoin exchange, consumers can buy or sell Bitcoins by using fiat currencies. Exchanges are plentiful, but initially Mt. Gox was the most reputed and widely used, prior to the collapse. Exchanges allow consumers to buy or sell Bitcoins with wired transfers, cash or with a credit / debit card. The exchanges offer a real-time and secure trading platform. Enthusiasm and a ruthless frenzy always accompany Bitcoins. With countless enthusiasts who want to trade Bitcoins, the young currency and all the craze around it seems to grow a little every day. All associated knowledge seems to be just as important as the currency itself. The meaning of a "Bitcoin wiki", an autonomous project, cannot be denied at all. It will act as a repository for knowledge for Bitcoin enthusiasts around the world.