Bitcoin is an electronic money, so there are no coins or physical notes. It is decentralized: no authority and no government rules over Bitcoin, it belongs to no one. Bitcoin is exchangeable on the internet between two individuals without going through a third authority: it is peer to peer. It has no geographic limits, caps or clauses whatsoever.
Bitcoin Price in September 2017
After reaching 2,90,829 INR on 1st September 2017, it was a huge run for Bitcoin following news alerts that China would be shutting down their crypto exchanges which led to 2,80,628 INR on 30th September 2017.
Bitcoin Price in October 2017
Although Bitcoin Gold was launched but due to its low acceptance globally, Bitcoin started at 2,83,894 INR on October 1st 2017, whereby following market trends it has bounced back to 6,71,327 INR on 31st October 2017.
Bitcoin Price in November 2017
Price of Bitcoin surged down to 4,55,433 INR on 1st November 2017 and steadily scaled up to reach 6,71,327 INR on 30th November 2017 as there was a commotion on the split of the Bitcoin network.
Bitcoin Price in December 2017
Bitcoin relapses from 7,09,339 INR on 1st December 2017 which was due to disconnection of Bitcoin cash from Coinbase and it's price plunged up towards 9,47,519 INR on 31st December 2017.
Bitcoin price in January 2018
Bitcoin relapses from INR 900,299.60 on 1 January 2018 and it’s price plunged down to INR 637,142.41 on 31 January 2018.
Bitcoin price in February 2018
Bitcoin relapses from INR 644,042.50 on 1 February 2018 and it’s price rose up to INR 688,759.27 on 28 February 2018.
The Bitcoin network is secured by minors who check all the transactions made on the network. Bitcoin is based on verified and secure transactions: it is a cryptocurrency. All Bitcoin network transactions are recorded and anyone can access it at any time. The source code of Bitcoin is open, anyone can consult it.
At a time when more and more alternative payment services are emerging, the Bitcoin protocol has some characteristics that make it unique, even in the face of modern, fast and secure payment methods.
To say that Bitcoin is decentralized means that no company, no state, no organism controls it. Like e-mail or the web, it's only a technology that anyone can use.
This implies in particular that it can never change the conditions of use, since no company controls it. The only way to modify the Bitcoin protocol is to establish a consensus between the community of its users, which will only accept modifications improving the protocol.
Because the system is decentralized, it is impossible to attack any point to destroy it. The database containing the entirety of all Bitcoin transactions exists in tens of thousands of copies distributed throughout the world.
Anyone can check Bitcoin's source code for errors or loopholes. In this, the protocol is collectively secure by the entire community. If problems are found, they are treated quickly and efficiently, and not slipped under the carpet.
Any programmer can also propose modifications or evolutions of the protocol. They are then discussed publicly, and potentially accepted by consensus.
The total number of bitcoins has been set at 21 million. This number is etched in the protocol itself, and the monetary creation in the world of Bitcoin is governed by an algorithm that increases the number of bitcoins in a regular and orderly way. This process, by analogy with the precious metals with which Bitcoin shares a significant number of common points, is called mining.
Bitcoins are traded on public platforms, with mechanisms close to trading floors. The price of Bitcoin is fixed solely by supply and demand.
More Features about Bitcoin
Bitcoin is both a currency and a payment system, and the most innovative way to exchange money at low cost.
BTC is an international digital currency, allowing you to pay for purchases anywhere in the world, instantly, without going through a bank, without disclosing the details of your credit card. It is an extremely reliable currency, used by millions of people.
Bitcoin is also an unprecedented decentralized system of exchange management, ie a bankless and yet very reliable money system.
Fast, economical and without borders: Payments are done in seconds, between neighbors or from one end to the other of the connected world.
Decentralized and controlled: Bitcoin does not belong to anything or anyone, it is a common tool, as is the Internet, whose management is provided collectively by its users. The money supply of bitcoins is strictly regulated, avoiding hyperinflation and other money creation abuses.
Secure and transparent: As soon as sent, your payment is unfalsifiable. All Bitcoin transactions are recorded in a public database, the Blockchain, whose data and code are available to everyone.
Since the Bitcoin database is stored in thousands of powerful computers and laptops around the world collectively, it can be considered as a single large computer because they all have the same database and can communicate with each other. Collectively, they have so much computing power that by sharing them (and the database with money and programs), they can be an incredibly powerful multi-service data center for the world at large.