Introduction to bitcoins

Bitcoin is a payment mode and also a new kind of money which is created by people itself. This article will help you to get a few ideas about what is bitcoin? It is an open source application and no one can own or controls it but everyone can only take part. It is design as public application which uses peer to peer technology to operate without any central authority to regulate.

There is no physical bitcoin and is created digitally, therefore one can transact this digital currency over the internet using a software application called wallet. Bitcoins have generally high price and its price is volatile in nature. When many bitcoin users buy them, its value increases, else decreases.

This digital money can be directly transacted between people all over the world in order to purchase goods and services over the internet. For getting started with bitcoins, you should have a bitcoin wallet. It acts as a real wallet, which will store your bitcoins. Using this wallet, you can send and receive cryptocurrency using a unique address. All the transactions that are made are stored in a public ledger called blockchain and anyone can see this ledger.

When you have a wallet, then you are given with two keys, namely private and public and you should not share your private key to anyone as it acts as your password. Also it is recommende for you to change your public address regularly so that you can save your account from being hacked by hackers on the web.

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Written by Jeffrey Hall