Sunday, December 15, 2013

What is Bitcoin

In this post we will explain what is Bitcoin and how students can take its help to start off with earning their pocket money for day to day expenses or for even taking assignment help for their assignments.

Bitcoin is first ever decentralized currency. Bitcoins are digital coins you can send through your internet and compared to other alternatives  Bitcoins have a number of advantages. Bitcoins are transferred from person to person via the internet without going through a bank or clearing out. This means that the fees are much lower and you can use them in every country. Your account can not be frozen and there are not prerequisites or arbitrary limits.

Lets see how it works :
Bitcoins are generated all over the internet by anybody running a free application which is called Bitcoin miner application. Mining requires a certain amount of work to get a certain amount of coins. The value of these coins can be adjusted by the network such that Bitcoins are always created in a fixed and adjusted rates  After a few minutes, the transaction is verified by a miner and the record is permanently stored in the network.The bitcoin softwares are completely open source and anybody can review the code. 
Your Bitcoins are stored in your digital wallet which might look similar like your internet banking. When you transfer bitcoins, an electronic signature is added.

Bitcoins are changing finance the same way internet changed publishing. When every body has access to global markets great ideas flourish. Let us look at some examples to see how Bitcoins are used today...
You can purchase video games, gifts, books, assignment services , servers or anything under the sky which is available on internet. Not only this you can trade your bit coins with dollar, pounds and other popular currencies. Bitcoins are a great way in which small businesses and freelancers get noticed.
It doesn't cost anything, there are no charge backs and fees and you can get business from the bitcoin economy. 
For your first bitcoins and more information you can check this link 
Here is a brief schematic diagram of the bitcoin link 

Hope this article was helpful to you in understand Bitcoins. You can use this article in your academic essays and assignments.

Emily Parker

-The writer helps students in understanding upcoming concepts in finance and marketing. She works as assignment helper in a