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Bitcoin is a decentralized digital currency which is owned by none. Government has no control over it. It uses peer to peer networking and cryptographic proofs to operate the system. The system is controlled and made fraud free by recording transactions in block chain, a public history record, once they are validated with a proof of work system.
The network began operating in 2009 and is a concept involving virtual currency which has no link to government regulated currency. The Bitcoin system has few advantages like:
• It is less expensive to operate and use this virtual money.
• It can be instantaneously transferred throughout the world and there will be no transaction fees. Moreover, you can use it and transfer it anonymously as well.
• Like other currencies, the quantity of this virtual money is fixed and no one has the right to create new Bitcoins. However, people can mine Bitcoins but there is a limit to it and mining Bitcoins is not at all cheap.
• Bitcoin is an independent currency; no organization has any control over it
• It is a democratic currency.
• It is the digital equivalent of something of value.
• As it uses a digital medium, it has the potential to become even more valuable than gold.
How to Learn About Bitcoin Conveniently
You can learn about Bitcoin from various sources on the internet. You can check blogs, magazines, articles etc. Internet is a very good source for a newbie to learn more about Bitcoin. Through blogs and forums, you’ll learn technical, economical and political issues related to the Bitcoin system. These mediums are rich source of information and you can learn everything about this virtual currency. Furthermore, even if you are already in the system and know quite a lot about how it works, you can stay updated on every news and issue about the new digital currency system. It’s also wise to get registered on related forums and start discussion with the experts. Post threads and ask whatever you are unclear about. Many forums also have blog section where experts post informative articles. This is the best learning source as you get benefited from other’s experience.
The digital system of Bitcoin currency seems complicated to those who know nothing about it and most people find the concept hard to grasp and trust. It will not take long before people start accepting and then adopting to this virtual currency system, which is more secure, open and independent.