Free Bitcoin – How Do They Even Exist?

Free Bitcoin – How Do They Even Exist?

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Bitcoin is one of many cryptocurrencies, which exist in this digital world. The conventional fiat money (Dollars, Rupees, etc.) could also be transacted through the internet, but this doesn’t make them cryptocurrency. Bitcoins exist only in the cyber world. The free bitcoin don’t pop out of ATMs like our fiat money.

Banks:

Where does this free bitcoin come from then? Bitcoin bank? There are miners, who mine them for us (These are our Bankers in the Bitcoin currency world). Not a joke! They use their computers to solve algorithms that make the transactions possible for us. In return, they get some Bitcoins (‘some’ means, 0.00001 and like that) as a reward. That’s how a Bitcoin is born.

Wallets:

So this does not exist? How can I carry something which doesn’t even exist? That’s where the Bitcoin wallets come in. These are wallets which store how many Bitcoins you own. These wallets don’t directly store your Bitcoins, as there are only transaction details of the number of coins that don’t exist, but exist, and not Bitcoins directly. These wallets have a private key which is the only way that can let the number of Bitcoins change. This is Important, so keeping it safe is the only problem you would have, which is not huge when compared to the things you keep safe in the fiat system. I mentioned earlier that it is impossible to hack the network, but it is easier to hack your computer which has your private key (stealing wallets exist in the Bitcoin currency system).

Now, we know how bitcoin exists, even though they don’t exist physically or as a code. We have even started calling it, the coin that doesn’t exist but exists. All these brainy works show us how humanity is marching towards a world which is harder and harder to do mistake society.

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