Introduction To Cryptocurrency And Bitcoins
A bit coin is a type of cryptocurrency which is defined by experts, calling it “new money”. It is operated and traded without any authority, be it the central bank of the country, or any other bank which deals in transactions. This is an open source type of currency as you will not know from whom you will be buying the bit coins. At the same time, your buyer will not know from whom he/she is buying the bit coins from, anybody can take part in the process of trading bit coins, irrespective of age/ gender/ nationality. It is said to have been introduced sometime in the late 1990s. A bit coin can be used as a mode of exchange. It can be used to buy goods and services. It can be traded. It can also be earned through something called competitive mining.
Bit coins function using a process or a procedure called block chain. Although it is being branded as illegal, bit coins are used in a lot of casinos in which people are not paid in cash, but are rather paid in bit coins. The price of a bit coin is usually influenced by the demand and supply theory. Based on the demand and supply the price fluctuates on a very volatile manner. This means that the price of a bit coin can also be predicted based on the demand and supply of the same.
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