BITCOIN -The origin of a new era in Digital Currency / CryptoCurrency !
Bitcoins are a form of virtual currency or CryptoCurrency which possess a high market value as of now. This is a new form of exchange transactions without the necessity of physical coins or notes. Everything is virtual and decentralized.
Unlike normal FIAT currency, we don't need a mediator or governing authority (like bank) for approving the transactions. Instead, all the bitcoin transactions are validated by Miners and every transaction details are stored in a distributed ledger called BlockChain.
This concept was first proposed and implemented by the mysterious Satoshi Nakamoto. (Know more about Satoshi Nakamoto here)
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| Bitcoin Logo (Source : Wikipedia) |
This Blockchain ledger is distributed / decentralized, in the sense : anyone on the internet can look up the ledger and its transactions at any time. This blockchain is stored in many computers (called Nodes in Bitcoin jargon) and it is fault tolerant with the help of an efficient consensus protocol.
New Bitcoins are generated through a process called Mining.
Bitcoins can be used for online transactions and Trading. In recent times, many people have been earning passive income with bitcoins and it has become quite lucrative !
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