Before knowing about bitcoins, you have to understand what is crypto currency and as you all know that crypto is something that is encrypted and so cryptocurrency is currency that is more secured with digital signatures. So that we can say that this is secure money that cannot be compromised by anyone. One can find many types of crypto currencies and bit coins are one of the most famous one among them.
Bitcoin is electronic cash which was created by Satoshi Nakamoto in 2009. It is a decentralized currency which does not have any central authority such as banks to control it and that is why its price fluctuates often. You can visit coinmarketcap, to know about its price and fluctuations. Since it is not physical money, it can be transported easily from one place to another by spending less cost. Bitcoin transactions are peer to peer and there is no involvement of any third part services to make intermediate services.
Below points are some of the benefits of using bitcoins
- It was the first crypto currency in the worldwide.
- It is not regulated by any users and banks.
- One can make transactions anonymously.
- You do not need to pay for tax, as it is tax free.
- It involves less transaction fees and you have to pay extremely low.
- Transactions can be made immediately and easily throughout the world.
Though there are other cryptocurrencies out there but bit coin is extremely famous among all due to its excellent features.