What is a Bitcoin?
In simplest terms, Bitcoin is a type of digital currency that is securely encrypted to represent a value of money. They are not printed in any form, and do not exist in physical form like money— they’re only produced digitally by computers. They’re kept in a virtual wallet on your electronic devices such as computers or on your smart phones using a Bitcoin “wallet.” An interesting fact about Bitcoin is that they don’t have central bank like regular currencies. The value of Bitcoin is based on the market forces, which is affected by people’s behavior of buying and selling Bitcoins, and the amount of Bitcoins demanded based on the supply of Bitcoins.
The simplicity of Bitcoin
The real advantage of the use of Bitcoin is that Bitcoin do not need a central bank —a 3rd party—when transaction is occurred online because they work like a money given directly person to person. Thus, there is no need of third party observing all the transactions that happened electronically. It is that simple!
Further information about the Bitcoin is explained in the video attached below.