What is Bitcoin?

Bitcoins is a crypto currency or a peer-to-peer currency, a virtual form of currency, which cannot be mint by any government in this world but is rather mined using special ASIC computers. Originally it was developed by Satoshi Nakamoto in the year 2008.

Large computers with very high speed processors are required to mine bitcoins. These special computers would cost from anywhere $1000 to $100000. These computers solves algorithm which are in the form of puzzle and are known as blocks, each blocks when decrypted or rather as known as “found” would give you anywhere from 10 BTC to 50 BTC.

 

The value of 1 BTC keeps on changing as per the demand increases, all transactions related to bitcoins are stored in a public ledger known as block chain. There are even speculations that the price per 1 BTC could shoot up to $40000, in the near future. These price variations completely depends on the popularity of bitcoins, which means the more people get aware of bitcoins, the more it will gain value.

 

1 mBTC = 0.001 BTC (milli BTC)

1 uBTC = 0.001 mBTC (micro BTC or millionth of BTC)

1 satoshi = 0.01 uBTC (smallest unit of divisibility, hundred milltionth of a Bitcoin).

 

btc=mbtc*1000,

btc=ubtc*1000000

ubtc=btc/1000000

mbtc = btc/1000

 

Most of the countries are accepting bitcoins in some form or other, but then we also have countries that are not in the favor of accepting bitcoins as a form of currency.