Bitcoin, What it is and what it does?

[sunlitit654]

Bitcoin is the most popular and mostly accepted digital currency in recent time. Previously it was used for paymnt option. But from last few years, its value make people to consider this one as investment opportunity. And then so many people are investing here to make profit.

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[MikeGandara]

It is basically a electronic currency and it doesn't have any value outside the online world so you can't convert it in to real money that's why the holder can only use it on online trading, for keeping those bitcoin there is also a wallet where you can save your bitcoin

[hiromichi]

Bitcoin is the revolutionary technology of money. There is no central government controlling Bitcoin. This means Bitcoin can never be controlled and going bankrupt if there are people who use Bitcoin.
What amazed people about Bitcoin is that even if Bitcoin is digital currency it never stopped so far. Current problem is hacking to exchanges. 

[hacsoi2799]

Bitcoin (BTC or XBT) is a currency of the internet, a decentralized digital currency, encrypted and released in 2009. Bitcoin is exchanged live on the internet without the use of a financial institution. any intermediary. The way Bitcoin works differs completely from the normal currency, there are not any individuals or organizations that handle bitcoin transactions.
Bitcoin currency is widely used in e-commerce, is the first and most typical coding currency. The cost of payment, transaction bitcoin is much cheaper than other types of money so it is preferred by companies and businesses. As of June 2016, Bitcoin's base amount was valued at about $ 12 billion, making it the largest currency ever.

[AutoBlockX]

Bitcoin is a digital currency created in 2009 by a mysterious figure using the alias Satoshi Nakamoto. It can be used to buy or sell items online. Some things set bitcoin apart from fiat money.

•   Bitcoin only exists online.
•   Bitcoin has no regulatory authority – it is not controlled by any bank or any country.

Here’s what you can do with Bitcoin:

You can sell it - if you signed up for an account with Coinbase or My Wallet, both services allow you to sell your Bitcoin.
You can HODL - if you're simply looking to make some money you can attempt to buy them low and sell them high.
You can purchase online – the basic purpose of Bitcoin is to provide secure transactions

[cr0ssfa1th]

The Bitcoin system was developed by an anonymous programmer or a group of people who set themselves the goal of creating a fundamentally new system of financial settlements that would not depend on either a single bank or a single state. All operations in this system had to be instant, irrevocable and absolutely transparent, so that all users could easily track any transaction. Thus, Bitcoin was designed to solve the problem of lack of trust between the unfamiliar seller and the buyer.

[bachsoi2799]

Bitcoin (codenamed: BTC, XBT, BitcoinSign.svg) is a codeword, invented by Satoshi Nakamoto in open source software since 2009. Bitcoin can be exchanged directly with a connected device. Internet without the need of a financial intermediary.
Bitcoin offers great advantages over other currencies: Bitcoin can not be tampered with, highly secure and very safe, extremely low transaction costs, environmental protection, potential e-commerce development.

[Gary Joness]

I'll give you a clearer idea about Bitcoin.
- Bitcoin is a virtual currency created in 2009 by an unknown person whose alias is Satoshi Nakamoto.
It can be used to buy goods and services wherever accepts it. Much of the hype is about getting rich by trading it, though.
- It operates in an decentralized system, which means it requires no third parties to make transactions, unlike physical currency. The underlying technology is Blockchain which promises to bring the world to a new era.
- To many people Bitcoin now is considered a medium of exchange and an investment. Few government has laid legal grounds for it. Bitcoin therefore

[Stephen Martinss]

To make the problem understood, I'll compare Bitcoin with paper money. There are 3 major points differentiating Bitcoin from government-backed money:
- First, units are held by individuals owners and usually transferred directly peer-to-peer without requiring the services of a middle man.
-Secondly, ownership over Bitcoins and records of transfers are completely anonymous. Despite this element of concealment, the software itself remains completely transparent as the details of every single transaction are stored as code in the network in an
enormous virtual version of a general ledger known as the Blockchain.
- Finally, Bitcoin transactions are completely non-repudiable, meaning that once sent, it can't be reversed.
Good luck!

[MariaRicaflanca]

Bitcoin is a digital currency. It is decentralized. No single institution controls the bitcoin network. Bitcoin uses Peer-to-peer technology to operate with no central authority or banks. Bitcoin are completely virtual coins designed to be self-contained for their value, with no need for banks to move and store the money. Once you own bitcoins, they  behave like physical gold coins. They possess value and trade just as if they were nuggets of gold in your pocket. Bitcoin are traded from one personal wallet to another. You can use it to purchase goods and services online, or you can tuck them away and hope that their value increases over the years.