What is Bitcoin (BTC) ? - Everything About It !!!

Hello in this article I am going to tell you everything about Bitcoin or BTC. And after reading this article you understand what is Bitcoin? What is bitcoin mining? Where to store it? Where to buy it? and everything related to bitcoin (BTC). So, without wasting time start reading below to gain a plenty of knowledge in the case of bitcoins (BTC). And dive into the ocean of bitcoins with Tricks OverLoaded.
We start with first :

What Is Bitcoin (BTC)?

I am sure you trade goods in exchange for currencies like dollars, rupees, euros, pounds, yen, etc in everyday life. These currencies are printed on a piece of paper and you can touch it. They are controlled by authorities or banks or group of people. They guarantee us that $1 is $1. But bitcoins are bit different.

Bitcoin is a form of digital currency, generated by process called mining (I will

discuss it later in this article). And we can keep it in a bitcoin wallet. It is controlled by neither any authorities nor banks. Although It does not belong to any country. Somehow it is limited to 21 million bitcoins. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems. It is first started by Satoshi Nakamoto in 2009 and till now it is a stable virtual currency.

You can spend any 1/8 part of a bitcoin. For example 0.00000001 BTC.
The system is peer-to-peer and transactions take place between users directly, without an intermediary. This means you do not have to pay taxes or any other fees which you pay to the bank earlier. Since it is not controlled by any authorities, its value is always fluctuating and now it somewhere like 1 BTC = $595. It can go high as $10,000 or low a $1.

What Is Bitcoin Mining? 

In traditional fiat money systems, governments simply print more money when they need to. But in bitcoin, money isn’t printed at all – it is discovered. Computers around the world ‘mine’ for coins by competing with each other.

The process by which new bitcoins are introduced in the market is known as mining. This process takes a lot of time, processing power and energy. Since anybody can dig bitcoins but they need one thing - a high power computer system. 

In physical currencies, there are banks that verify the money sender and receiver but in the case of bitcoins, there are no banks. So they come with mathematical problems in which miners compete against each other to be first to do it. If your system is powerful enough to solve these problems then you will get some bitcoins as a reward for discovering new bitcoins. GPUs are faster in mining than CPUs.

Bitcoin Wallets

Since bitcoin is a virtual currency so, it can only be stored in bitcoins wallets.Some well-known wallets are as following :

Online wallets

• Coinbase
• Unocoin

Mobile Wallets For Android

• Mycelium (Android)
• Bitcoin Wallet

Desktop Wallets

• Armory
• Bitcoin Core
• Electrum

Mobile Wallets For iOS

• breadwallet
• Copay
• Airbitz

Final Words

After reading this I think you know everything about bitcoins and what is mining, etc. I am also going to share some other bitcoins tutorials in future. So keep Supporting and subscribing to this blog and we will keep you updated. If you have any query related to this article please state it in the comments section.

With Regards,

Rishabh