bitcoin

An introduction to crypto currency – bitcoins

Bitcoin is a type of crypto currency and it enables a new system of payment. It is digital money that does not exist in physical form. In addition to that it is the first decentralized money that uses peer to peer transaction methods with no intermediate services. Since it does not have central authority, it is not controlled by anyone. It is same as traditional money but used as an internet cash.

Bitcoins was created by Nakamoto Satoshi, an individual or a group of programmers in 2009 and it was created as an open source software application. After the name, the smallest unit of bit coin is named as Satoshi whose value is equivalent to 100 millionth of a bit coin.

Some of the features of bit coins include:

  • Decentralized
  • Open source
  • Peer to peer technology
  • Easy to use
  • Unregulated
  • Anonymous
  • Transparent transactions
  • Irreversible transfers
  • Unregulated but not illegal

Ways to get crypto currency

  • In return of goods and services
  • In exchange of other crypto currencies and money.
  • Bitcoin mining
  • By doing smaller tasks

The price of bit coins is increasing constantly for a few years and if you want to know its value in your country you can convert 1 btc to inr using some internet websites and this price hike is due to various reasons.

If you wish to own bitcoins, then you must have installed a digital wallet in any of your device so that you can send, receive and also store them.