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Currency Exchange

Bitcoins and their working

Introduction

The consensus network that will be enabling the payment system which is new and completely of the digital cash is the bitcoins. This bitcoin can be referred to as the first peer to peer payment network which is decentralized and is governed by public and no central board or authority interferes in managing or controlling the network of bitcoins. bitcoin price differs but it is the currency with the highest value. There are many cryptocurrencies in the world, but bitcoin is said as the highest valued currency. It is like the digital cash where the users can trade over the internet and it is not in the form of any kind of traditional fiat currencies.

The oldest cryptocurrency

This currency is not physical and it is independently minded by the people that will be having the resources for doing it and this is the reason for storing and maintaining using the cryptographic keys which are strong along with the password and this is why it is termed as the cryptocurrency. This bitcoin runs on the ledger technology which is distributed called the blockchain which will be recording each and every transaction on the network.

Bitcoins are brought into this world by Satoshi Nakamoto who is the group of unknown developers in the year 2009. The trading of the cryptocurrency is done by the individuals with the keys known as the cryptographic keys and they will be acting as wallets.

Conclusion

They are the digital wallets where the bitcoins are stored, and they can be used for any digital payments or financial transactions. These bitcoins will be moved in blocks each and every ten minutes on the ledger which is a decentralized ad that will be connecting the blocks to the coherent chain. Grab all the knowhow to get started.