What Are Bit coins and what are Bit coins uses?

What Are Bit coins and what are Bit coins uses?

Bitcoins are the commonly heard words in present days. So, do want to know What Are Bit coins and what are Bit coins uses?

What Are Bit coins and what are Bit coins uses[ ATTRIBUTE: Please check: http://www.flickr.com/photos/86777026@N06/11851143933 to find out how to attribute this image ]

What Are Bit coins and what are Bit coins uses:-

Introduction to Bit coins:-

Bitcoin us a type of currency but it doesn’t have any kind of coins or notes, in fact it is a digital currency. It is a digital currency and peer-to-peer payment system that uses cryptography to manage the money transactions.

After looking at this wonder, you will definitely be very eager to know who is behind this Bitcoin. Yes, coming to the same point.

Bitcoins concept was founded by Satoshi Nakamoto, a person from anonymous location. Some say that he is from Japan but the Email ID which he used was from Germany. He developed this Bitcoins software in the year 2009 but it wasn’t found after 2010.

Bitcoin allows its users to perform anonymous transactions and others will not know about the payment details and also the person who shared the payment.

Bitcoins are created by the process of mining and can be used by keeping them in a digital wallet. This digital wallet can be kept in your online website or computer and secure them. People can have numerous bitcoin addresses and wallets.

Uses of Bit coins:-

  • You can perform transactions anonymously, so that no one can tract your IP address and transactions.
  • It is faster money transfer process. Unlike cheque and direct payment you can make instantaneous transactions.
  • Bitcoins are very cheap wherein you need not pay any kind of transaction charges
  • Central governments cannot take it away as the currency is decentralized and you own it. No central authority or bank has control over it.
  • No chargebacks are available, users can’t retrieve the bitcoins which they have sent. With this fraud actions can be prevented.
  • You information will be secure as no one can steal it from the merchants or you.
  • People can’t steal your information from merchants as you will not provide any of your details during the transactions.
  • You can carry out transactions with utmost transparency and secrecy.
  • You need not trust anyone during the money transactions as the money is in the form of digital currency.

Point to be remembered

Bitcoin-related malware has a software that steals the bitcoins from users with a variety of techniques. This software employs a infected computers to mine bitcoins, and various types of ransomware that disable computers till the ransom is paid, like Cryptolocker.

The is the details about What Are Bit coins and what are Bit coins uses?

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About the Author: Nagendra Kumar

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