What is a crypto currency – Bitcoins?

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Bitcoin is a type of crypto currency that was developed by created by an individual or a group of programmers in the name of Satoshi Nakamoto in the year 2009. Bitcoins can be used as a medium of exchange in the form of digital currencies which can be used instead of normal money. The transactions made with this electronic money is peer to peer and there will be no involvement of any third party intermediaries and only the sender and receiver is alone involved in this transaction process.

cryptocurrency

This currency is not controlled by any central bodies that are bitcoin is not regulated by government, banks and other central authority therefore, it is decentralized money. E-wallets are nothing but electronic or digital wallets which are used to store and send this bitcoin from one person to another and this is a computer application or software that can be downloaded from the web. In addition to that this wallet is classified into 5 types.

One can obtain or get these bitcoins in numerous ways such as mining, in exchange of goods and services or other currencies, by completing small tasks like spinning wheels, writing about crypto currency and from bitcoin faucets and more. There are 21 million bitcoins in this world and the last one will be mined in 2140. Transactions made with this electronic money are stored on the public network called block chain and anyone can see them as well as bitcoin address. Therefore, it is always recommended to use different address and not to use an address more than once.

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