Bitcoins are one of the crypto currencies released by Satoshi Nakamoto, an individual or a group of programmers in the year 2009. They are created in the principle to create and store electronically and are mined by miners with the help of personal computers in the distributed network. They can also be get by numerous of ways like in exchange of goods and services, earn them through bitcoin faucets, by paying games, completing small tasks, writing about crypto currency and more. Characteristics of bitcoins are as follows:
- It is decentralized money; this is because it is a type of digital money and does not have any central authority to control, which means it is not controlled by any government body.
- It is an open source application and can be used to send and receive this crypto currency by all people.
- When one transacts bitcoins, there will not be any involvement of third party or intermediary.
- The persons who are involved in bitcoin transactions are kept anonymous yet transparent, as their transactions are stored in block chain, a public ledger.
- The transactions of this electronic money can be made within a few minutes but it is impossible to reverse them.
It is the first digital money or crypto currency that has ever created in the whole world and e-commerce has become a common place where this money is widely being used. Bitcoins is the most popular of all electronic money that has more value in circulation when compared to others.