We already know that Bitcoins are generated through a process called mining. But what is this mining and how it is done? People are sending bitcoins to each other all the time. Unless someone keeps a track of record of all these transactions, no one will be able to keep track of who paid whom….

The second question that people often ask is But where do these bitcoins come from?  Who produces them? First of all you need to understand unlike fiat currency like Dollars or Rupees, no central bank can issue new Bitcoins out of thin air. There is a fixed mechanism to earn bitcoin, called mining. Bitcoin is…

Bitcoin is a currency. Bitcoin is a digital currency. Bitcoin is digital gold. Bitcoin is a cryptocurrency.   Probably without the “crypto” word everything else made a little bit of sense and you lost everything at the word “Crypto”. Lets first take up the currency part. Currency In India we have Rupees, US has Dollars, UK…

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.   A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic…