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Bitcoin and Crypto Currencies. A crypto currency is a medium of exchange like normal currencies such as USD but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. Cryptography is used to secure the transactions and to control the creation of new coins. To simplify this, you can send and receive money between people and businesses globally the same as you would with any currency using crypto currency. Crypto currencies are purely digital. Digital currency or crypto currency started in 2009 with Bitcoin as a virtual trade token with a special technology utilized to determine the authenticity of a transaction via consensus on a secure global network. This was being done successfully without two entities, the banks and the government. Secure Instant Transactions with Low Fees. Bitcoin is the first decentralized digital currency. The Bitcoin digital coins can be sent on the internet. Compared to other alternatives, Bitcoins have a number of advantages. Bitcoins are transferred directly from person to person via the net without going through a banker clearinghouse.
This means that the fees are much lower, you can use them in every country, your account cannot be frozen and there are no prerequisites or arbitrary limits. Several currencies exchanges exist where you can buy and sell Bitcoins for dollars, euros and more. Sending Bitcoins is as simple as sending an email and you can purchase anything with BitCoin. Your Bitcoins are kept in your digital wallet on your computer or mobile device. Check out the definition of Bitcoin on Wikipedia at http://en.wikipedia.org/wiki/Bitcoin. The Bitcoin network is secured by individuals called miners and these miners are rewarded newly generated Bitcoins for verifying transactions. After transactions are verified they are recorded in a transparent public ledger. Bitcoin opens up a whole new platform for innovation. The software is completely open source and anyone can review the code. Bitcoin is changing finance the same way the web change publishing, when everyone has access to a global market. From this, great ideas flourish. Bitcoins are a great way for businesses to minimize transaction fees. It doesn’t cost anything to start accepting them and they are easy to set up. There are no charge backs and you will get additional business from the Bitcoin economy.
Where does Bitcoin comes from? With paper money, a government decides when to print and distribute money. Bitcoin doesn’t have a central government. With Bitcoin, miners’ use special software to solve mathematical 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. Since miners are required to approve Bitcoins transactions, more miners means a more secure network. The Bitcoin network automatically changes the difficulty of the mathematical problems, depending on the speed of the BN. Bitcoin miners solve these mathematical problems with the processors and their computers. Soon, miners discovered that the graphics cards used for gaming were faster and more suited to solve the associated mathematical problems. However, these graphic cards used and still a great amount of electricity and generate a lot of heat. The first commercial Bitcoin mining products included chips that were reprogrammed for mining Bitcoin. These chips were faster but still power hungry. ASIC or ‘application specific integrated circuit’ chips have been designed specifically for BitCoin mining.
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