A Brief Note On Bitcoin: A New Era Of Currency

The digital world has come out with a product that challenges the value of currencies. The concept of digital currency was introduced through Bitcoin and was launched in 2009. Basically, Bitcoin works as digital money. Simply put, it is an electronic or virtual currency.

Bitcoins are generated through an open-source computer program in a process known as mining. Mining is the minting equivalent of the usual money or currency we have. Mining is the process of solving complex math problems using highly powered or specialized computers running Bitcoin software. Interestingly, the mining process is self-limiting as only 21 million total bitcoins can be circulated.

Bitcoins, just like the usual currency exchange, can be bought and sold in exchange for traditional currency, using appropriate software. An individual can also purchase Bitcoins by using credit card or can be coursed through bank transaction. Upon purchase, Bitcoins will be transferred directly to the created personal account and can be readily use to purchase goods, services, other products and transactions online. Unlike the usual online purchases, the use of Bitcoin for online transactions removes the associated fees connected to online merchants, i.e., bank charges, currency exchange rates, credit card fees, service fees, etc. The direct approach significantly reduces the fees involved with transferring traditional money and makes it much easier and faster to send and receive money across the globe.

Another interesting feature of Bitcoin is that a user and the user's transactions are anonymous, thus, highlighting and maintaining the legitimacy and security of each transaction.

Similarly, Bitcoin boasts its unique digital fingerprint feature. This means that each Bitcoin has a designated public address and a private key, which are long strings of numbers and letters giving each Bitcoin a specific identity.

Notable feature of...