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This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network. The bitcoin protocol – the rules that make bitcoin work – say that only 21 million bitcoins can ever be created by miners.

However, these coins can be divided into smaller parts (the smallest divisible amount is one hundred millionth of a bitcoin and is called a ‘Satoshi’, after the founder of bitcoin).

And if some part of the network goes offline for some reason, the money keeps on flowing.

Conventional banks make you jump through hoops simply to open a bank account.

Setting up merchant accounts for payment is another Kafkaesque task, beset by bureaucracy.

However, you can set up a bitcoin address in seconds, no questions asked, and with no fees payable. Users can hold multiple bitcoin addresses, and they aren’t linked to names, addresses, or other personally identifying information. …bitcoin stores details of every single transaction that ever happened in the network in a huge version of a general ledger, called the blockchain. If you have a publicly used bitcoin address, anyone can tell how many bitcoins are stored at that address. There are measures that people can take to make their activities more opaque on the bitcoin network, though, such as not using the same bitcoin addresses consistently, and not transferring lots of bitcoin to a single address. Read more to find out how bitcoins are mined, what happens when a bitcoin transaction occurs, and how the network keeps track of everything.The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees. This currency isn’t physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules.Those banks can simply produce more money to cover the national debt, thus devaluing their currency.Bitcoin has several important features that set it apart from government-backed currencies.The bitcoin network isn’t controlled by one central authority.Every machine that mines bitcoin and processes transactions makes up a part of the network, and the machines work together.