Bitcoin is a form of electronic digital currency and also a digital payment system. No one can control this. Bitcoin is the first cryptocurrency which was first appeared in 1998 by Wei Dai. The first specification and proof of concept were created in 2009 by Satoshi Nakamoto. Bitcoin is implemented to buy resources as well as services utilizing an electronic and digital avenue such as the World Wide web. It was created through a technique called mining, in this participants affirm and also document payment amounts in exchange for transaction fees and freshly minted bitcoins.
The system is peer-to-peer. The transactions were verified by network nodes and recorded in a public distributed ledger called the blockchain. This currency isn't physically printed in the shadows by a central bank. Bitcoin was created digitally by a community of people.
Decentralization is the main feature of bitcoin. This provides many advantages over traditional currency like no vulnerability to seizure, tax, thievery, etc. Sending money from one side of the world to another side only takes few minutes only. There is no going back the receiver can't claim that he never received any bitcoin. It is easy to carry on the phone. There is no fixed value or price of bitcoin it depends on its demand. No single institution controls the bitcoin network. We can acquire bitcoins as payment for goods or services or we can purchase bitcoin at a bitcoin exchange. It is the first decentralized peer-to-peer payment network that is powered by its user with no central authority or middlemen.