Bitcoins:You should know this!

Bitcoins are a form of currency, digital currency per se. There are no notes or coins just their digital versions. They are created through computer processing nothing more than time and GPU compression. This means that no central authority is issuing “clearing” for bitcoin transactions. So instead of waiting or 2-3 days for a transaction of money bitcoin transactions take place in a few hours

The concept of Bitcoins was developed by Satoshi Nakamoto. Someone who created this software in 2009 and totally vanished in 2010! Coming back to the bitcoin software it allows for anonymous currency transactions that are no one will come to know about the payment or about any other information related to the payments, sender or the receiver details etc. How was this done? Satoshi developed a peer to peer network that is not controlled by any authority but by a community of bitcoin contributors and freedom enthusiasts! But can’t the bitcoins be duplicated(considering the fact that they are digitized after all)? Well yes, they can. But that issue has been addressed by making sure that all the transactions are shown in a public list. Basically, before accepting the bitcoins from a user, it is checked with the public list that the bitcoins have not been used before! Isn’t that genius! So if it is a public list how is it anonymous? Simple.When you’re making a transaction only the transaction id and the amount spent is displayed in the public list.No name, contact number etc!

How do we acquire these bitcoins?

• By Mining: By using a software bitcoins can be generated.
• By Currency Exchange: Dollars and Euros in return for Bitcoins!
• By providing services to others in return for Bitcoins

Security experts and digital freedom enthusiasts are praising the  Bitcoin system for being a unique system that is opening doors to a plethora of possibilities.all good right? Maybe not! Since bitcoins are digital coins, in fact, a very vulnerable source. Crackers may make multiple copies of the bitcoins and use it as fake money. As there is no authority can trace the transactions, it can lead to the misuse of the system for example, in illegal work. But just because there are negatives doesn’t mean we can’t use it. This is just an attempt to create an awareness about the technology of bitcoins

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