Tag Archives: bitcoin

  • Bitcoin

    The Advantages of Bitcoin

    As people embrace the internet of things, new and secure online mediums of exchange have been invented. Indeed, this includes the invention of digital currencies like Bitcoin. Bitcoin is a peer to peer and decentralised cryptocurrency system that allows online workers and entrepreneurs to process digital transactions using digital units. Though it was started by a mysterious programmer in 2009, it has elicited a lot of controversy and interest as a third global currency and mode of online payment.

    Bitcoin payments are processed through a network of private computers that are linked through a shared program. Every Bitcoin transaction is recorded simultaneously in blockchain on every linked computer that informs and updates all involved accounts. Bitcoins can be purchased with standard global currencies or mined through a computer process that entails solving highly complex mathematical algorithms. Once acquired, bitcoins are stored in bitcoin wallets that can be accessed through a computer or smartphone connection.

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