Home Finance Do you want to know about bitcoins?

Do you want to know about bitcoins?

written by Nathan Robinson November 3, 2019

Bitcoins are not more than electronic money which is not visible to general public. It is the first crypto currency as well as the most popular digital cash that was created by Satoshi Nakamoto in 2009. When you wish to transact bitcoins, then you can send only to other persons who have digital wallet which is an application. This transaction involves only the sender and receiver and there will be no intermediate involvement and therefore, it is called peer to peer transactions.

This digital money has no central authority like government bodies to control it. One can get bitcoins in many ways which include in exchange of other currencies, products or services and mining, it is a process of solving difficult mathematical calculations using computer software.  There are only 21 million bitcoins in total and the last one to be mined on 2140 and because of this, it is compared to gold. Satoshi is the smallest unit of this electronic cash which is equivalent to 100 millionth of a bitcoin and it was named after the founder of this crypto currency.

One of the greatest things about this digital currency is, it is stored in a way that only the owners of bitcoins can access that currency and is done by making use of private and public address. One should not share their private address of bitcoin with any other person.  Therefore, bitcoin has shown a significant progress in its usage since it was created and this currency has become an integral part of global financial system.

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