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What is Bitcoin and how does it work?

ETMarkets.com | Updated: Sep 15, 2017, 09.06 PM IST

3
Comments

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

Bitcoin is a cryptocurrency, or a digital
currency, that uses rules of
cryptography for regulation and
generation of units of currency.
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.

The digital-currency has plunged over 50 per cent in the past 13 trading days.

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
Most Read Most Shared Most Commented
decentralised digital currency.
Is it the 'perfect storm' for Indian stock market?
Bitcoin was invented by Satoshi Nakamoto in 2009. Well, maybe not

Retail, HNI investors shun SBI Life IPO, ask what's

in it for me?

How Bitcoin works? 15 stock tips that should make money even in a
weak market
Hitesh Malviya, Bitcoin Expert, itsblockchain.com explains, Bitcoins are completely virtual
coins designed to be self-contained for their value, with no need for banks to move and Sensex tanks 296 points: Here are the top factors
that dragged the market
store the money.
Equity savings funds offer a safer option at todays
elevated valuations
Once you own bitcoins, they possess value and trade just as if they were nuggets of gold
in your pocket. You can use your bitcoins to purchase goods and services online, or you More

can tuck them away and hope that their value increases over the years. Bitcoins are traded
can tuck them away and hope that their value increases over the years. Bitcoins are traded
from one personal 'wallet' to another.

A wallet is a small personal database that you store on your computer drive, on your
smartphone, on your tablet, or somewhere in the cloud.

Read more on Satoshi Nakamoto Gold Cryptography Cryptocurrency Bitcoin

Also Read
Bitcoin likely to split into two, thanks to bitcoin cash

All you need to know about Bitcoin wallet & Bitcoin mining

What triggered ripples in bitcoins?

Bitcoins lose lustre in the face of flak

Comments (3) Add Your Comments

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