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Bitcoins In a Nutshell

Over the few years that bitcoins have been on the market, they have become a household name considering its coverage in news and blogs. It is fair to say that its notoriety is continuously increasing for the better. Bitcoins arrived in the year 2009 as a new form of digital currency, but its real identity of its inventor remains in closed books. There are lots of things to know about bitcoins from their actual characteristics, to how they are obtained or rather mined and also how to trade them. With this info, you can decide whether or not to adopt them.  Here is the information you need to know about Bitcoins in a nutshell.

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– What it is all about

Like any other form of currency, bitcoins can be used to buy goods and services except for the fact that it is not controlled by the government or any institution. It has been designed in a manner that it can only be managed and owned by the community that uses them. This currency is managed and decentralized by peer to peer who makes transactions within a secured channel and then stores them in a blockchain. Similar to PayPal, the owner of this currency must have a wallet which acts as a bank account.

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Bitcoins are generated through mining. By producing this currency, one is rewarded for the efforts put towards cracking certain blocks of algorithms. However, mining is not done physically but instead through the use of the highly sophisticated software. The bitcoins are awarded depending on the effort and time that your hardware has used and also your level of participation. It is worth noting that mining can be done individually or as a team. Often, working as a team is advisable to save the time required to crack the algorithm. Later, everybody in a team is awarded based on their participation in mining.

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– The future of bitcoins

The price of bitcoins has been seen to be volatile considering that it is an emerging technology. However, as the bitcoin community grows, this currency has appeared to be more stable. As time unfolds, big businesses and banks are scrutinizing to know whether bitcoins are an opportunity or a threat.

Unless you are receiving bitcoins via payments, there is no other way to obtain them unless you mine or purchase them. Purchasing bitcoins is not regulated and is therefore based on trust. However, you can verify the legitimacy of bitcoins to avoid fraud.

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