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posted Jul 31, 2017, 6:23 AM by Rohit Bhaskar   [ updated Jul 31, 2017, 8:04 AM ]

Who could have predicted that 11 years ago, that a virtual currency system designed by an unknown figure from the internet, would suddenly become an issue for international economies? (No need to answer, that’s a rhetorical question)
The currency was none other than Bitcoins! (Well duh! That’s the topic of the post isn’t it…)

This post aims at explaining what bitcoins are, how they came into being, and also about its mining (collection).

Before we get to bitcoins, we need to 1st know the difference between money and currency. Having a lot of money is good, but having a lot of a certain currency depends upon which nation’s currency you have. The value of different nation’s currency differs in accordance with a lot of factors associated with the nation, such as trade, development, etc.

Now, bitcoins is a digital currency. A digital currency is basically some numbers (bitcoins in our case) which have monetary value which are formed and used online.
It’s quite simple really 🙂 It’s just online currency (which in rare cases can be used in real life). A lot of digital currencies existed and still exists today! So what is it that bitcoins bring new to the table?
There are actually a lot of advantages of bitcoins over other digital currencies…the video below this will explain bitcoins in brief and very accurately …

Now, getting to mining bitcoins….Its basically the way of collecting bitcoins by using your processors for solving ‘problems’, or simply put, using it for online computation. The following video will explain the process of bitcoin mining…

The following image will help you understand how any bitcoin transaction works…06Bitcoin-1338412974774

Hope this post helped you out!!