Crypto currency is digital money that does not have any physical form but has value and this money has no central authority to control it. Because of this, its value is determined by the market and not by a specific country.
There are many cryptocurrencies and one of the most famous one among all is bitcoins which was created by satoshi Nakamoto and found in 2009. It is the first ever created crypto currency in the whole world.
Due to its decentralized nature, bitcoin uses a peer to peer technology to transact money and therefore it does not have any involvement of intermediate service to send and receive them. One can get these crypto currencies in numerous ways and bitcoin faucet is one of the methods to earn them for free. Other methods to earn them is by exchanging other currencies, buy them for goods and services and by writing something about it. Mining is the traditional method to create new bitcoins and the persons who mine them are called as miners.
Working of bitcoins
According to its users, how it works is, they have to install a software application bitcoin wallet and by providing public address and entering the amount they can transact their crypto currencies to other users with wallet. But it is not the actual process; the major thing behind this bitcoin transaction is block chain technology which keeps record of all transactions that have completed.
The following are a few of transactional properties of bitcoins:
- Irreversible
- Anonymity
- Fast
- Security
- No central authority