What is Bitcoin?
Bitcoin is an innovative payment network and a new kind of currency unlike fiat currency known as digital currency. As the nature of digital this is transacted electronically with very fast between various devices like personal Computer, Smart Phone, Table etc. Bitcoin transactions are made peer-to-peer technology with no central authority and any banks. Hence, it’s transactions are purely unanimous. Bitcoin is open-source and it’s design is public, nobody owns or controls Bitcoin and everyone can take part. With it’s various kind of features and properties it has gone widely accepted that could not be serviced by any previous payment system.
Concept of Bitcoin evolution:
The concept of Bitcoin and the program was
fully developed by Satoshi Nakamoto, who is very intelligent and creative
person and still remaining total anonymity. He is said to be from Japan but his
e-mail ID was belongs to Germany. He developed the Bitcoin software very
intelligently even he solved the double spending nature of currency as it is digital. It was
developed in 2009 then it vanished in 2010 then it again getting the popularity
in 2012 onwards and the price of bitcoin goes from a small fraction of pennies
to above $1000 in 2010-14.
There is plenty of speculation about Satoshi Nakamoto for his real identity. Some even said that his name was connected with some popular Japanees companies – Samsung, Toshiba, Motorola. But whatever be the matter or his identity that he created absolutely the fantasy for this modern world.
Importance of Bitcoin Transactions:
Bitcoin system allows everybody to do anonymous currency transactions because Satoshi developed it as peer-to-peer transaction so, no one could come to know about the payment or all the information related to the payment, that is who sent it or who received it. The payment receiving and sending will happen only by a long binary string which is the combination of letter and numbers called as address.
How do you use Bitcoins then?
You can keep bitcoins in your digital wallet which you can keep in your computer, smart phone or Tablet. You can have as many wallet. Through this currency you can buy goods and services as of your fiat currency and exchange also done to your fiat currency through the various exchangers. You can buy software for your favourite store like Play store or iStore or windows market by this fast payment system.
How you Get Bitcoin & it’s users:
At this very moment, 10.70 millions of Bitcoins are in existence, which is like 207.929 million USD worth! In fact, the Canadian government is working on their own crypto-currency, named MintChip. In one day, more than 45,000 transactions of a total of BTC 2.5 million (worth of USD48.5 million) is handled by the bitcoin network.
You can get bitcoin by means of various method like mining the bitcoin, through exchangers and providing goods or services in return of bitcoin as your payment method. But, a single method that is so, easy you get the bitcoin from the bitcoin faucet site like this faucet. Bitcoin faucet are those who are providing some bits for free to it’s users by only solving the Captcha.
Storing Bitcoin?
For keeping your Bitcoin safe and secured you just need to be sign up for digital wallet. There are various wallet but we recommend Xapo for you safe storage of hard earned money. http://xapo.com/r/6GMKSNR
What’s Mining?
Mining is a process of extracting Bitcoins currency this needs of some sophisticated computer hardware and software and one time investment of large money. Bitcoin mining is a business – most people mint Bitcoins to gain profit. Bitcoins are minted using a special software known as bitcoin miner, which tries to find a new block in the chain of Bitcoin network.