What are BitCoins
What are Bitcoins? Bitcoin is a digital currency that was created in January 2009 that works on the ideas of a mysterious group of people. This currency offers lower transaction fees than other traditional online payment platforms and most important of all it is operated by a decentralized authority, unlike the government currencies.
You cannot physically see bitcoins rather they are just kept or maintained online at a public ledger with transparent access to everyone. Bitcoins are not issued by any banks or individual as a commodity like all other currencies. As compared to all other online payment methods bitcoin is traded and stored through a proper ledger system known as the blockchain.
Bitcoin is the first cryptocurrency to have skyrocketed up to roughly $20000 per coin in 2017 and it is the first cryptocurrency to have reached the most popular worldwide.
Bitcoin is a collection of computers or nodes that all run bitcoins code and store its blockchain. Each block in the blockchain is a collection of transactions.
As all computers in the blockchain have the same list of blocks hence they can view all the transactions and blocks being filled up with new bitcoins.and the system is protected highly that no one can cheat the system.
For security, the bitcoin is increasing its nodes day by day and in MAY 2020 it had 47000 nodes and this number is growing daily at a higher speed.
Balances of Bitcoins tokens are kept through public and private keys. Public keys are just like a bank account number which serves as an address to the whole world to be able to send coins to that address.
And the private key is meant to be guarded and only used to allow bitcoins transmissions.
Most people would confuse bitcoin wallets and bitcoin keys but the two things are completely different. A bitcoin wallet is a digital device through which trading of bitcoins is done and the ownership of coins is tracked however the keys are used for the purposes as mentioned above such as the personal transmission of bitcoins etc.
Who are Bitcoin Miners?
The bitcoin network is comprised either of nodes or miners. The miners are the people who process the transactions on the blockchain and they are rewarded by the release of new bitcoins.
These miners ensure the credibility of the bitcoin network. All miners are being released new bitcoins at a fixed rate but declining as well such that the total supply of bitcoins approaches 21 million.
In July 2020 there were roughly 3 million coins yet to be mined.
What Bitcoin Mining Is?
It is the process through which new bitcoins are released into circulation. This process requires solving different difficult puzzles to add new blocks to the blockchain and after that miners are rewarded. It also includes verification of transaction records across the network.
There are many websites which show their dedication toward digital currency especially bitcoin such as
This means these websites allow you to convert your payment in bitcoins and sent them to your address.
Hence the world’s economy is just moving towards a digital economy and the importance of digital currencies and cryptocurrency has increased greatly especially during the coronavirus pandemic so it’s better to shift ourselves with evolving technology.