Bitcoin is a digital currency which is highly successful worldwide as a payment method. Satoshi Nakamoto shed a light on the concept of Bitcoin, it was devised and created in 2009. Bitcoin is an open-source cryptocurrency and it laid the groundwork for the new cryptocurrencies to emerge. All these new digital cryptocurrencies are popularly known as Altcoins because of the fact that these are just an alternative to the original Bitcoin protocol. Some popular Altcoins are Litecoin, Ripple, Monero, Ether, and Dash.
Bitcoin transactions are stored and transferred using a distributed public ledger called Blockchain over a peer-to-peer network that is open, without an intermediary. The decentralized digital walletsprovide robust and secure storage medium to Bitcoin transactions. Bitcoins cannot be stored anywhere, there is a private key (secret number) for every Bitcoin address that is stored in the Bitcoin wallet of the person who owns the balance.
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