Why does Bitcoin work?

Being a peer-to-peer network, Bitcoin transactions are completed from the wallet of the service provider and the recipient. Bitcoin is stored in the 'wallet'. It can be either online or offline. A bitcoin user has to use two keys. A ‘Public Key’, it is open to everyone. The other is the ‘private key’, which is always confidential and is used to secure transactions.

The history of the transaction is recorded in an open ledger (public ledger), called a 'block chain'. In this case ‘public key’ is used and the same transaction cannot be repeated by the same user. All the accounts from the first transaction in the blockchain are preserved till date and are being updated regularly.

Bitcoin rival

There are currently 454 types of cryptocurrency 

being used around the world. However, Litecoin and Ripple are among them. Other cryptocurrency are not as widely used as Bitcoin. Although Litecoin may seem like a rival to Bitcoin, its chances are slim.

World famous brands / companies who take bitcoin

The first product to be exchanged for Bitcoin in the real world was on May 21, 2010, when Bitcoin user Laszlo bought a pizza worth 25 for 10,000 bitcoin coins.It's safe to transfer bitcoin to paypal.

Bitcoin is used by more than 30,000 merchants and charities worldwide. According to US stock market operator Nasdaq, US-based online retailer overstock. com UK-based world-renowned businessman Richard Bryanson-operated airline Virgin Galactic, popular free blogging platform Wordpress, popular mobile gaming company Zynga, international e-commerce website Payam Car makers Tesla Motors, online dating website OkCupid, and popular torrent site The Pirate Bay exchange their services via Bitcoin.