Bitcoin is a type of digital money that uses peer to peer system to transact them and it is an open source application which was created by Satoshi Nakamoto in 2009. Though this money does not exist physically, they hold some value and its value has been increasing over time. The reason for this price hike is there is only limited number of bit coins in the world and the last one to b created will be on 2140.
Bitcoins can be created by many ways and mining is the best as well as the oldest method which allows the users to solve mathematical problems and offer crypto currencies when they successfully solve them. One can also get this digital money by writing about crypto currencies, in exchange of products and services and also by playing and winning some online games.
People can transact them with the help of digital wallets which is a software application and one has to download this program on their device. One can make transaction using two keys namely, private and public key. All the transactions that took place are recorded in a public ledger called blockchain and anyone can see those completed transactions. They make a partnership with payment processor bitpay in order to transact those crypto currencies.
There are many benefits of making transactions with bitcoins and some of them include user anonymity, less transaction fees, transactions cannot be reversed, there will be no third party interruptions, payments can be even done from mobile phones and your purchases are not taxed.