BitCoin- The Digital Currency You Need To Know About.Utpal
BitCoin is also known as the Digital Currency. Digital Currency is an Internet-based medium of exchange it is very different from banknotes and coins. It allows instant transactions and border less transfer-of-ownership.
BitCoin is a new payment system that was found by a group of programmers. It was found under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009.
BitCoin reference was used in Art, Entertainment and in the field of media and also in academics. BitCoins are created electronically and not printed like other currencies. BitCoins are used to buy and trade things electronically. BitCoins are not controlled by anyone.Bitcoins are mined, using computing power in a distributed network.
Bitcoins have several characteristics, they are:
There is no centralized authority for bitcoins unlike other currencies that do have a centralized authority that decides when to produce the currency and how it will flow. But in case of bitcoins if there is any problem in the network as bitcoins are produced electronically, they just keep on flowing.
Normally, it takes a lot of time and energy to set up a bank account. You are made to go from one desk to another or told that your missing a certain document. But in case of bitcoins it is all easy, because everything is digital.
The transactions and payments are done on a faster rate, than the normal currency that at least take a little time to complete a transaction.
Bitcoins are being considered in the IT sector, Programming sector and the business sector for its beneficial characteristics. Like every other currency system even bitcoin has its own disadvantages. There many pros and cons that are still being thought upon before it is used on a wider scale.
**The article has been written with reference and help from the information given on Wikipedia and coindesk.com**