Know about what is bitcoins

0
42
Bitcoin

Bitcoin is one of the cryptocurrencies that was created in 2009 by an individual or a group of people who are anonymous in the name of Nakamoto Satoshi. It is a form of cash but in the digital form and has value. Unlike traditional cash, there is no one to regulate this currency and thus all the transactions made with bitcoins are peer- to – peer, as there is no intermediary or third party service involved in transacting this electronic cash.

If there is no one to take control over this cryptocurrency, then how these bitcoins are created? They can be created by its users by a process called bitcoin mining. In this mining process they used to solve complex mathematical problems and when they solve those, they will be able to win bitcoin. In order to store them, you should have a digital wallet. This is not a normal wallet but has the same functionality of physical one. It is an application that you have to install in any one of your device and each user can given with unique private and public keys.

The private key that is offered to you should not be shared with anyone and also the public address should be modified regularly such that you can prevent your wallet from being hacked by hackers. Since your digital wallet uses digital signature to send and receive bitcoins, it could not be hacked easily. Because of this aspect you should not be lethargic and keep strong passwords.