December 3, 2020

Bitcoins and Crytocurrencies – What are they?

Bitcoin is a kind of money but in digital form and they are also called digital currencies or crypto currencies. Though bitcoins are similar to normal money but they are not developed by government. Because of this reason, they operate with no central authority or financial sectors like banks and no one can have a control over it.

Bitcoins are open source and are designed for public usage. It cannot be controlled by anyone but everyone can take part of it. If you wish to transfer these crypto currencies to your friends or family, it can be done by using a mobile application. With this program, users can send and receive them without making much effort and all you need to have is an internet connection. This process is explained only on user perspective.

But what actually happens is, this network has a public ledger which is known as block chain which contains the information regarding each and every transaction. The users are provided with 2 keys namely, public and private. The public key is sending and receiving addresses whereas, private key is their own bitcoin address.

There is a process by which anyone can process these bitcoin transactions and they use computer power of hardware in this process. This process is called bitcoin mining and people who mine them are called bitcoin miners.

These crypto currencies are more secure and have a strong security track record, Nowadays, many people are moving towards bitcoins and are mostly accepted by small businesses.

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