Bitcoin is a digital currency which was created back in 2009 after the housing market crash by Satoshi Nakamoto, whose identity remains hidden to date. Bitcoin guarantees to charge lower transaction fees as compared to the traditional online payment mechanisms, operated by some decentralised authority unlike the government-issued currency. Bitcoins are not physically present, they are rather balances which are kept on a public ledger and everyone has access to it. It is verified by a huge amount of computing power. You do not get Bitcoins from the bank or the government for that matter, they do not issue Bitcoins to the users. For now, they are not exactly the legal source of money transfer. Despite not being a legal tender as of now, the popularity of Bitcoin is off the charts and with the invention of Bitcoin, there has been a significant rise in other virtual currencies as well which are all collectively known as Altcoins.
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