Bitcoin is a cryptocurrency that is highly encrypted by many hash codes. This is a revolutionary idea that can change the entire economy on a wide scale. This is not backed by any centralised government or a particular country. It is made by a complex algorithm that makes the bitcoin harder to generate, creating scarcity and thus increasing the value of the bitcoin. It has become a buzz word in the market recently.
The bitcoin transaction can be done for goods and services who accept the transaction in the cryptocurrency. The currency is shared anonymously on the peer to peer network. That P2P network verifies the transaction OF The bitcoin. The bitcoins are stored in the digital wallet. That wallet has a private key known to the user only. It is having the details of the user and the transaction details of sender and receiver.
The network is a blockchain deigned such that it can mathematically generate no more than 21 million bitcoins and the network regulates itself in such a way that they can tackle the situation of the inflations. The bitcoins are not currency notes but they can be created by computers all around the world with free software. the speciality of ICO is that it is run by a group of coders on an open network with dedicated computer around the world.
The other speciality is that it is having a limited supply. Unlike the other currency which can be produced in bulk making an unlimited supply makes the market unstable. This currency will help in making a consistency in the market. Not governed by any specific institution no one is the ruler here. This makes everyone equal. The security feature of this currency is great too. The heavy hash codes have helped in making the most secure encryption in the market like the Ethereum.