Bitcoin BTC is a digital currency called as BTC shortly. It is a E-currency (Electronic currency) in which encryption techniques used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Bitcoins are produced by people and no one stops it. You may buy BTC (Bitcoin) with your local currency and you may sell it to get equivalent value of your local currency or you may trade BTC to your currency.
All transactions of BTC are instant sometimes it may take few minutes to get pass confirmation steps. It’s a peer-peer process. At the time of writing article 1 BTC is equivalent to 608 USD. Its changing per minute or second basics upon availability and requirement. Now a day’s BTC ranges between 575 to 650 US dollars.
Why it’s getting popular? Not like other e-currency it grows rapidly. It’s used to buy this electronically and it’s fairly used in investment programs. Some used to but BTC for trade. Bitcoin is easy to exchange to your local currency. And no single institution or company can control it.
Founder of BTC: Satoshi Nakamoto is the first person proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees. This currency is not available in paper or bond. It’s purely a digital currency.
You need hundreds of dollar to buy single Bitcoin. Many were addicted to it and start trading like shares. Thats what keep this rate going high and high. Some say hereafter it will never come down below $600 mark. It is very fast to send and receive. I attached video to understand it better.