bitcoin

Bitcoin and its creation

Bitcoins are one of the most famous crypto currencies that do not have any central authority to regulate. Since there is no one to control them, transactions made with them are peer to peer without any middleman or intermediate service. This crypto currency is same as cash but it is not printed like physical currencies but has more value than any other currency in the world. Bit coin is the first ever made digital money and was created in 2009 by a person or a team of programmers in the name of Satoshi Nakamoto.

This concept was first described in 1998 and this new form of money was made to control by cryptography in order to create and transact them. This bitcoin software was made as open source and anyone can alter or modify its code to make changes in the software and can create a new version. No one can own these crypto currencies and it is controlled by all its users all around the world. One cannot force anyone to use this version of software, as it is free to use by anyone.

crypto currency

 

Now coming to its working, it is nothing but a computer program that offers wallets which is used to transact bitcoins to other users but it not only the thing. The actual process is not the same, it contains a public ledger called block chain which records all transactions and stores them.  If you want to know more bitcoin news, then make use of the internet.