What is a bitcoin and its working?

Also we all know that money is a widely accepted medium of exchange. One new term which is similar to money to know about is crypto currency which is a bear instrument.

This crypto currency is nothing but the digital money which is derived from mathematical properties. One when owns this type of money, there is no record to identify its owner and also it is hard or next to impossible to replace when it is stolen or lost.

Bitcoin is a type of cryptocurrency which does not have any central authority to issue or verify it. Many people are now accepting it as a payment method. Since it is unlike traditional physical money, this digital currency is easy to transport from and to any part of the world.

bitcoin transactions

These currencies have some immunity like sovereign censorship and immune to inflation and bank defaults.

The working of bitcoin:

It has a block chain which is a public ledger and is used to record all the transactions. During bitcoin transactions, the identity of users is not at all revealed and their real identities are not known even to each other.

A new block is created at every 10 minutes and is used to record all newly created transactions that have taken place since the last ledger. Each and every user has two keys to make bitcoin transactions and they are private and public keys.

Therefore these digital currencies have so much benefits and it is good to own them in order to enjoy all of them.