What is BITCOIN?

Q)  What is BITCOIN? 

Ans)  This is a big ? for most of the people who are not familiar with the Virtual Currency or Cryptocurrency, oh' these words are  not in your dictionary Yet, but dont worry about it, form on-words your will remember the member these words and are able to explain them about it.

   so first we will understand the Meaning of BitCoin, it is a Digital Currency or Virtual currency which is stored in a decentralized way without a Central bank. it is not administrated by any country or Government. It is a system of open source Peer-to-Peer  software where all the nodes are working as server and workstation and all the data will be stored in all the nodes in a chain and that chain of block is called as Blockchain.

  it is used for buying and selling the goods and it is also use in a TRADING EXCHANGE, where Bitoins and other coins (Cryptocurrency or virtual currency) commonly known as Alt coins will be trade with the fiat currencies (Ex. INR, USD).

Q)  What is Blockchain ?

 Ans) Blockchain word is a combination of Two Block and Chain. All Blocks of digital ledger  (All the transactions of Cryptocurrency) are arranged in a chain pattern and stored in all the nodes,  so it is called as Blockchain Technology

so no one can delete or tamper the details of the previous Transaction, if any one tries to delete or hack the transaction then he have to hack or tamper all the nodes Spread all over the world at a same time and this is impossible.

Q)  What is Digital Currency or Virtual Currency ?

Ans)   Bitcoin is not like fiat currency or having a Physical thing or object (Ex. INR, USD) that we can touch or feel the currency or coin.   This currency is generated and stored in a computer or in a digital manner that's why we called this as Digital currency. This currency we cant touch and feel it that's why we called it as virtual Currency.

 Q)  What is Cryptocurrency ?

Ans) The Digital currency which is generated by the computers in a sequence of Block and all the transaction of this currency is encrypted by the encrypted technique, hence all the units, blocks and transaction are encrypted so it is called as Cryptocurrency.

  This Cryptocurrency is generated by solving the mathematical equations created for encrypting the digital transaction (digital ledger) using Computers this process is called as Mining of Cryptocurrency. 
  The generated cryptocurrency coins are stored in a secured place is called as Cryptocurrency Wallet

 In our next Post we discuss about

Cryptocurrency Mining and Cryptocurrency Wallet