The thoughts about ‘convenience’ brought luxury. Today’s fast running universe demands quick tasking. People don’t have time. Neither do things nor opportunities wait for people. To ease ways towards a convenient and comfortable life, man has been screwing science since ages. We see new inventions every day.
So much that going to a bank has also become difficult? Surely yes! Doesn’t the discovery of ‘bitcoin’ prove that?
A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. His idea was to produce a currency independent of any central authority and transferable electronically.
What are bitcoins?
• Bitcoin is the first decentralised digital currency created and held electronically.
• Like Dollars, Euros and Rupees, it is not printed.
• Bitcoin stores are online retail websites where the bitcoins can be used to buy things electronically.
• The thing that makes it different to conventional money is that it is decentralized. No single institution controls the bitcoin network.
• Almost instantly transferrable.
• Very low or no transaction fees.
Bitcoin is created digitally, by a community of people that anyone can join. Bitcoins are ‘mined’, using computing power in a distributed network. This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network.
Where one cent is the smallest part of one dollar, the smallest fracture of a bitcoin is its one hundred millionth part called Satoshi, named after the founder of bitcoin.
Bitcoin is based on mathematics and not gold or silver.
With almost no pre-requisites or limits, Bitcoins are transferred directly from person to person through the internet. That doesn’t just save your time wasted at the banks but the transactions fee is also negligible.
You can use them anywhere in the world and country.
Unlike banks, you account can’t be frozen.
How do they work is also simple. They can be exchanged for currencies like Dollars and Euros and then can be stored in your computers or mobile devices. You can virtually purchase anything using bitcoin and sending them is as easy as sending an email.
Bitcoin has opened up a completely innovative platform with a totally open source where anyone can review the code. It is simple, easy and fun using bitcoin.