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What is Bitcoin?
Bitcoin is a cryptocurrency, or a digital currency, that uses rules of cryptography for regulation and generation of units of currency. Bitcoin falls under the scope of cryptocurrency and was the first and most valuable among them. It is commonly called a decentralised digital currency.

Bitcoin was invented by Satoshi Nakamoto in 2009.  


Units

The unit of account of the bitcoin system is bitcoin. Ticker symbols used to represent bitcoin are BTC and XBT. Its Unicode character is :2 Small amounts of bitcoin used as alternative units are millibitcoin (mBTC), bit  and satoshi (sat). Named in homage to bitcoin's creator, a satoshi is the smallest amount within bitcoin representing 0.00000001 bitcoins, one hundred millionth of a bitcoin. A bit equals 0.000001 bitcoins, one millionth of a bitcoin or 100 satoshis. A millibitcoin equals 0.001 bitcoins, one thousandth of a bitcoin or 100,000 satoshis.


Blockchain

The blockchain is a public ledger that records bitcoin transactions. A novel solution accomplishes this without any trusted central authority: the maintenance of the blockchain is performed by a network of communicating nodes running bitcoin software. Transactions of the form payer X sends Y bitcoins to payee Z are broadcast to this network using readily available software applications. Network nodes can validate transactions, add them to their copy of the ledger, and then broadcast these ledger additions to other nodes. The blockchain is a distributed database – to achieve independent verification of the chain of ownership of any and every bitcoin amount, each network node stores its own copy of the blockchain. Approximately six times per hour, a new group of accepted transactions, a block, is created, added to the blockchain, and quickly published to all nodes. This allows bitcoin software to determine when a particular bitcoin amount has been spent, which is necessary in order to prevent double-spending in an environment without central oversight. Whereas a conventional ledger records the transfers of actual bills or promissory notes that exist apart from it, the blockchain is the only place that bitcoins can be said to exist in the form of unspent outputs of transactions.

Transactions


Bitcoin is talk of town these days. On one hand, Japan consider bitcoin as a legal tender, while on the other, JP Morgan Chase CEO James Dimon calls it little more than a “fraud”.

Investors or traders of Bitcoin faced chaotic situation after Shanghai-based BTCChina, a major Chinese bitcoin exchange, on Thursday said it would stop trading in the crypto-currency from September 30, citing tightening regulation, while smaller bitcoin exchanges ViaBTC, YoBTC and Yunbi on Friday announced similar closures. This sent negative signal to the world in relation to Bitcoin.

Indian government also is not looking happy with Bitcoin. The Reserve Bank of India official Sudarshan Sen on September 13 said that the central bank was uncomfortable with “non-fiat” cryptocurrencies like Bitcoin.  

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