---
title: "What is bitcoin?"  
description: "What is bitcoin?"  
author: "Tarun Gautam"  
published: 2017-11-13  
updated: 2017-12-07  
canonical: https://answers.mindstick.com/qa/30435/what-is-bitcoin  
category: "currency"  
tags: ["bitcoin", "vertual currency", "digital currency", "crypto currency"]  
reading_time: 2 minutes  

---

# What is bitcoin?

What is [bitcoin](https://www.mindstick.com/articles/328609/ethereum-2-0-includes-major-changes-that-could-end-bitcoin-s-blockchain-dominance)?\

## Answers

### Answer by Vishal Kesarwani

## "What is bitcoin? This question is on buzz these days and will be on buzz for many more coming days"

Bitcoin is a type of **digital currency, created and command electronically**. Nobody controls it. **Bitcoins aren’t** **written, like bucks, rupees or euros** – they’re made by folks by victimization some complicated formula that is termed Mining Bitcoin.

![What is bitcoin?](https://answers.mindstick.com/questionanswer/a1b9f067-329f-4715-8ce3-6c384f2e606d/images/3366c6e8-8bc7-4e5b-ae67-9b5d7ab57f1f.png)\

**Major difference from normal currency and bitcoin** Bitcoin’s most significant characteristic, and also the factor that creates it completely different to standard cash, is that it's redistributed. **No single establishment controls the bitcoin network**. This puts some folks relaxed, as a result of it means **an outsized bank can’t manage their cash.** Anything that comes as a serious force, it takes it slow for folks to simply accept it. Folks virtually became and remained skeptical for lasting. They couldn’t trust Bitcoin, h**owever, school savvy folks already started accepting it** and have vied an important role in popularizing Bitcoin. \
**Bitcoin in our country** In the year 2010 th**e value of one bitcoin was none** but **now in the current year**, the value of one bitcoin is **$11400 which is equal to 7.5 lakh** Indian rupees. Bitcoin even though is not authorized by the Indian government and reserve bank of India has clearly warned Indian about the bitcoins. Well after the demonetization its demand and craze have hiked up in our country. \
**you will find this helpful: [bitcoins the new era of digital currency](https://www.mindstick.com/blog/11607/bitcoins-the-new-era-of-digital-currency)**


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