What is Bitcoin?
With increased use of Technology E and the knowledge which people are getting, it is not surprising that it in the future activities would be converted into a digital format. this is a very well seen digital currencies are coming into picture. This is exactly what Bitcoin is. Bitcoin is an electronic cash system which is done from peer to peer. It is denoted by the symbol BTS.
How does Bitcoin work?
The best of understanding things comparing it with things which we already know. Thus we shall look into the characteristics that differentiate cryptocurrency or Bitcoin from digital versions of traditional forms of currency. Bitcoins special characteristics are as follows:
The name suggest, there is no centralized body which controls the Bitcoin network. The network is maintained by a group of codes and run by a distributed network of computers bread around the world.
In the traditional system where in banks Financial Institutions at present, these institutions virtually know everything about their clients be it their addresses, phone numbers etc. Unlike banks there exist a bitcoin wallet which does not what have to be linked it any personally identifying information.
What is a Bitcoin Mining?
Bitcoin mining is a decentralized process that serves two purposes:
- It confirms transaction Manner since it is anonymous and has network of computers and code attached to it.
- Bitcoin mining helps creating new Bitcoins in each block.
Being digital currency Bitcoin price has constantly been experiencing frequent motions or movement in its price. The price of Bitcoin can go massively high or incredibly low. Therefore one must be very careful when he buys Bitcoin or invests in it.