Bitcoin is the world’s first decentralized cryptocurrency or digital coin. It is called decentralized cryptocurrency because no financial regulatory authority in the world controls it. It works on peer-2-peer software and cryptography. Recently, there has been a significant decline in the price of Bitcoin.
Bitcoin is considered to be the most powerful digital currency in the world and hence Bitcoin is considered to be one such coin. Almost a decade has passed since its creation. In these 10 years, it has become the world’s most popular cryptocurrency. The Bitcoin blockchain is used for transactions in this popular cryptocurrency. Each Bitcoin is made up of 1,000,000,000 Satoshis, the smallest unit of Bitcoin. You can understand it like this that there are 100 paise in 1 rupee. These units make one Bitcoin divisible to 8 decimal places. That’s why people are able to buy one bitcoin in many pieces.
It is worth keeping in mind that there is no actual coin or note like Bitcoin. It is kept only as a balance record in a public account. A huge amount of computing power is used to register all transactions related to Bitcoin. This process is called ‘mining’. As mentioned earlier, Bitcoin is not issued by the government of any country in the world or any financial institution, bank etc. In fact, in many countries of the world it is not even considered a legal tender. But one thing is that since Bitcoin became popular, many more cryptocurrencies were launched in the world.
