Bitcoin is a digital currency and a payment system which works without having an administrator or a central repository. The system is peer-to-peer and the transactions take place directly between users without having any middlemen involved. The transactions are recorded in a public ledger called the blockchain.

Bitcoins are created as a reward for mining. Bitcoins are virtual coins that possess value without the need for banks to move and store the money.

Bitcoins are widely accepted as a currency in many countries and is in fact the most widely accepted cryptocurrency in the world.Bitcoin constantly trades on exchanges worldwide in a straightforward and very quick manner and is conveniently stored electronically in cryptocurrency wallets. Bitcoin uses public-key cryptography where public and private cryptographic keys are generated.

In 2016, bitcoin has become more stable than gold and in 2017, the price of a bitcoin exceeds the price of an ounce of gold. The value of bitcoin network with regards to the price of bitcoins is proportional to the number of unique users in the network.

The future of Bitcoin is still in question because it is still unregulated and governments are distressed about the taxation and not having any control over the currency. Bitcoin possesses potential security breaches or threats that make people skeptical about it.