What is Bitcoin and How does it work

Bitcoin is digital currency or money that anyone can transfer to other person without taking any need of third partye. e.g bank. We can also say that digitally equally cash transfer value to other person Without involving bank..second point government or any bank are not issued bitcoins.
Here no third party involved there are nobody charge a transaction cost.
How does it work :
Any people who are bitcoin users must have wallet where they can store their bitcoin. You can store in web application, desktop application or mobile application but some company allow to bitcoin users to purchase bitcoin without storing in computers.. Sometimes they store bitcoin for you with an some agreement.. All these bitcoin network is visible a public ledger called “block chain”.
This ledger contain each transaction to varify the validity of each transaction.. Security of every transaction is secured by digital signature.. All users allow to full control over sending bitcoins from own addresses. Anyone can proceeds transaction using of computing power of special hardware and get a reward in bitcoin.. Sometimes this is also called “minining “..
Here if you forget your wallet password or storage device only bitcoin is lost from ecosystem.
Generally the price of bitcoin depends upon demand and supply rule. Here law of demand supply applicable.. If demand is increase and supply is less the price will high. And demand is decrease and supply is more than price will decrease..
Is bitcoin leg
Different countries have different rules.
MERITS :
High security
One way transaction
Records are stored using block chain
For these there are no corruption.
DEMERITS :
Government can easily trace how many bitcoin a user have
Bitcoin value is volatile.

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