Bitcoin is a Digital Currency or Cryptocurrency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made without any middle men – meaning, no banks! There are no transaction fees and no need to give your real name (However wallets charge a fee to send coins). More merchants are beginning to accept them: You can buy alot of things online like Iphone, Cars and even Pizza
What is Bitcoin Wallet?
In Simple Words : A wallet is a software in which you can store you Bitcoins. To be technically accurate, Bitcoins are not stored anywhere; there is a private key (secret number) for every Bitcoin address that is saved in the Bitcoin wallet of the person who owns the balance. Anyone can have as many Private keys as they want.
How To Own Bitcoins?
Bitcoins can be owned by Mining and by buying. There are alot of Sites from where you can buy Bitcoins like Coinbase.
What Is Bitcoin Mining?
In Simple Words ; Mining Is a way to build Bitcoins Its Like A Bank Where Dollars Are Printed . To Be Technically Accurate Bitcoin mining is the processing of transactions in the digital currency system, in which the records of current Bitcoin transactions, known as a blocks, are added to the record of past transactions, known as the block chain.
How Mining Works?
Miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine.
What Is BlockChain?
Sites or users using the Bitcoin system are required to use a global database called the blockchain. The blockchain is a record of all transactions that have taken place in the Bitcoin network. It also keeps track of new bitcoins as they are generated. With these two facts, the blockchain is able to keep track of who has how much money at all times.
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