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created Apr 11th, 02:56 by Pankaj Sharma vscti



396 words
51 completed
Bitcoin is the first global, decentralized currency that allows you to send money from one person to another without involving a third party broker, such as a bank. You only need your computer to make transactions because Bitcoin is not controlled by anyone. You might think that lack of control could mean chaos, but that is not true at all. That is because block chain, the technology behind Bitcoin is one of the most accurate and secure systems even created. A blockchain is a ledger that keeps records of digital transactions. Instead of having a central administrator, like a bank or the government Block chain organizes data in batches called blocks. These data batches use cryptographic by a has value forming an unbroken chain. Blockchain solves two of the most challenging problems of digital transactions controlling the information and avoiding duplication. When then complete to confirm the operation by solving complex math equations. The first to figure out the answer and validate the block receives a reward in Bitcoins, this process is called mining. The validated block is time stamped and added to a representation of who owns what at any given time. The legality of Bitcoin depends on where you are located. Bitcoin was legalized as a format method of payment in Japan this year, and Indian might be next. In most countries, however, it somewhat operates in a gray zone, with no official ban or approval of Bitcoin. The founder a Bitcoin is Satoshi Nakamoto, an anonymous online alias for a forum poster. The founder remains unknown, and no one truly knows who the actual, founder is. At the moment, Bitcoin is owned by the community as a whole, as it is an open source initiative, with no single owner behind it. It is a community movement. Bitcoins are completely virtual coins designed to be self-contained for their value, with no need for value and trade just as if they were nuggets of gold in your own bitcoins, they behave like physical gold coins, they possess value and trade just as if they were nuggets of gold in your pocket. You can use your bitcoins to purchase goods and services online, or you can tuck away and hope that their value increases over the years. Although the Reserve Bank of Indian (RBI) advises caution on its use, bitcoins is not illegal in India.   

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