What is Bitcoin

Bitcoin is just like any other form of money. But the big difference is it doesn’t have any central authority governing the currency flow. Normal currency usually has respective governments and banks governing the currency flow. To understand bitcoin first you need to understand the concept of ledger. Ledger is a piece of document that keeps track of a set of transactions. Let’s think there are 4 people sharing money between them. Let’s name them A, B, C and D. They may transfer money between each other multiple times during a certain period of time. But giving money at each time may be difficult. So what they can do is keep a ledger which keeps track of who gave money to whom. Then after a certain time, maybe a month they can look at the ledger and settle how much each other have to pay to whom. Ex. In above ledger entries being added. So at the end of the month it can be calculated how each other gets and has to pay. Rather than paying money each time. Now this is the concept of cryp