September 18, 2020

Bitcoin – The first digital money

Bitcoin is the first crypto currency that was introduced in 2009 by pseudonymous developer in name of Satoshi Nakamoto. It is a decentralized digital currency that cannot be printed or made physically but are generated through computerized methods called bitcoin mining.

It has decentralized nature that is биткоин are not regulated by any government or banking institution. Therefore, no financial institutions have control over it.  Transactions made with these crypto currencies are almost instantaneous and it takes only few minutes to be completed.

Digital money can be used anywhere in any countries as they are borderless currencies. The value of bitcoins will be keep on raising because of their limited supply and there are only 21 million coins in the world and last bit coin will  be mined on 2140.

bitcoin

Bitcoin users are provided an address which is required to send payment to other users. When a transaction is made, a new record is added to the block chain which is a public ledger that contains all transactions across the globe. Crypto currencies are saved in bitcoin wallets that could be stored in cloud locations or in individual computers.

Bitcoin mining is a process of generating new bitcoins and is done by solving complex mathematical calculations with the help of computer hardware. One can also get them as a payment of goods and services, win bit coins in online faucets and also as an exchange of other currencies in the world.

Therefore, in short, bitcoin is the internet money which cannot be viewed but used like normal money.

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