Bitcoin is a form of digital
currency, created and held electronically. It was first created in 2009 by
Satoshi Nakamoto.
In this era of Internet and
digitization, we’ve moved from phone to VoIP calls, face-to-face meeting to
video conferencing, fax to email, cable television to IP TV, and the list goes
on. Bitcoins are gaining popularity as a new way to purchase goods or services.
Bitcoins aren’t printed, like dollars
or euros – they’re produced by people and businesses, using computer software
that solves mathematical problems.
However, Bitcoin’s most important
characteristic, and the thing that makes it different to conventional money, is
that it is decentralized. No single institution
controls the bitcoin network.
They are not tied to any country or
subject to any regulation. Instead, Bitcoins are created digitally, by a
community of people that anyone can join.
Bitcoins are ‘mined’, using computing
power in a distributed network. Conventional
currency has been based on gold or silver, but Bitcoins are based on mathematics.
Bitcoin has
several important features that set it apart from government-backed currencies.
- It's decentralized - The Bitcoin network isn’t controlled by one central authority.
- It's easy to set up – Unlike banks who ask you thousands of questions and proofs to open an account, you can set up a Bitcoin address in seconds, no questions asked, and with no fees payable.
- It's anonymous - Users can hold multiple Bitcoin addresses, and they aren’t linked to names, addresses, or other personally identifying information.
- It's completely transparent - Bitcoin stores details of every single transaction that has ever happened in the network in a huge form of a general ledger, called the Blockchain.
Blockchain is
a shared public ledger on which the entire Bitcoin network relies. All
confirmed transactions are included in the Blockchain. Nobody can copy & reuse the
same Bitcoin for more than one time as every transaction is validated in
Blockchain which confirms that Bitcoin was never used before.
You can buy
and sell Bitcoins at Mt.Gox, Coinbase, BitQuick, Bitbargain and many more.
Mining
Bitcoin involves running software on your computer that processes complex
mathematical equations. If your computer solves one of these equations, you get
a reward in Bitcoins.
Today
Bitcoins are getting slowly adopted but Blockchain is going disrupt the
financial industry due to its instant near real time updates and transparency.
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