The cryptocurrency that continues to fascinate the world, the first of its kind, Bitcoin was once a completely posh kingdom of tech geniuses who were eager to uphold the philosophy of maximizing autonomy, but Bitcoin has a claim to fame with the promise of a broad consumer base However, for uninitiated consumers, one question remains. So what exactly is Bitcoin? Some have yet to unravel this wildly fluctuating cryptocurrency. Electronically generated and stored, Bitcoin is actually a form of digital currency. The network cannot actually be controlled by anyone, the currency is decentralized. It emerged in 2009, as the brainchild of an individual under the assumed name of Satoshi Nakamoto. By using P2P technology to function, Bitcoin has the distinctive and flexible characteristic of gobbling up anyone who is interested. Its worldwide acceptance is a feature that adds to its popularity.

Accountable to no one, bitcoins are quite unique. Bitcoins are sovereign with their different rules, and they are not clandestinely printed by any bank, but mined, they are digitally produced by a good number of people involved in a colossal network or community. Miners typically employ enormous computing power, and there is a lot of competition involved in Bitcoin mining. Computers work to solve complex mathematical problems. Competing miners also have a chance to earn Bitcoins in the process, simply by solving the problem. Although, the difficulty levels of these problems become intense day by day. Transactions on the Bitcoin network are relentless and relentless, and keeping track of those transactions is fairly systematic. The Bitcoin network remains methodical, since for a certain period of time, all transactions are collected in a block. The miners are supposed to validate the transactions, and everything is listed in a ledger, which is simply a collection of blocks, called a blockchain. Blockchain actually holds the key to the details of any transaction made across multiple Bitcoin addresses.

The integration of Bitcoin in people’s lives is the most coveted right now. This is achieved quite easily by the appearance of exchanges. Bitcoin enthusiasts can be spoiled for choice when looking to acquire this digital currency. A Bitcoin exchange allows consumers to buy or sell Bitcoins using fiat currencies. Exchanges abound, but initially Mt. Gox was the most reputable and widely used, before its collapse. With exchanges, consumers can buy or sell Bitcoins with wire transfers, cash, or credit/debit card payment. Exchanges offer a real-time and secure trading platform. Excitement and a relentless frenzy always accompany Bitcoins. With numerous enthusiasts eager to trade Bitcoins, the young currency and all the craze that surrounds it seems to grow a little each day. All the knowledge associated with it seems to be as important as the coin itself. The importance of a “Bitcoin wiki”, an autonomous project, cannot be denied at all. It will act as a storehouse of knowledge for Bitcoin enthusiasts around the world.