November 19, 2013

What is BITCOIN ? | Swaroop's Blog

22:45 Posted by DurgaSwaroop No comments
Bitcoins have been the talk of the economic world ever since US senate has decided to take them seriously. So, for those who don't know about Bitcoins, this article gives you a quick overview of it.
So,What is Bitcoin?
                 Bit coin is a Decentralized, digital, peer to peer (P 2 P), crypto currency. That is too many techy words in one sentence. So, let's break it down part by part and try to understand what it means.
  • Decentralized -  There is no central authority or bank to create Bit coins unlike the regular currency, where a central monetary authority prints (mints) it and distributes it.
  • Digital Currency - It is electronics money (e-cash) that can act as an alternative currency. Not to be confused with Virtual money, because this is real deal. You can use this to buy real goods and things.