What is Bitcoin? Why Is It Called Digital Money

 

What is Bitcoin Why Is It Called Digital Money


Bitcoin, the virtual currency of the Internet, has been controversial since its inception. But people are starting to use it to buy real stuff on the internet. Bitcoin is not issued by any bank nor is it governed by the laws of any nation. What exactly is money without a bank and how is it slowly coming to the mainstream and how to use it? 

The Internet has become so widespread that there is no area that is not covered by the Internet. Not only communication but almost all domains of our daily life are also being used in the fields of education, health etc. Apart from this, it would not be an exaggeration to say that money transactions are completely dependent on the internet. 

Bitcoin is peer-to-peer digital money, which we can store on our own computers.  

 Internet is used in all areas like ATM , ebanking , SMS , Mobile Banking etc. In developed countries, almost 100 percent of transactions are done through the Internet. As the scope of the Internet grows in the monetary sector, so do the challenges. From time to time, new debates have started about not only phishing, credit card fraud, identity theft, but also privacy issues of banks and   cookie user tracking , unnecessary fees, etc. Bitcoin was born out of such debates.  

Bitcoin peer-to-peerDigital money, which we can store on our own computer. Since Bitcoin is stored on computers all over the Internet, there is no need for a bank or online payment gateway for some goods or services . It can also be used as a digital cache as it can be traded directly between the buyer and the buyer.

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