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BitCoins : A digital currency

A bit coin is first digital currency accepted world wide for payment system . It is not under control of any bank or administrators . It uses a open source software  and for secure transactions it uses cryptography technique. It is widely used to purchase product across globe. More than 100,000 merchants accepted bitcoins currency for their purchase. Their are 2.9 - 5.8 users of Bitcoin. Symbol used to represent bitcoin is BTC or XBT .

                                                     
Recently Cryptocurrency dealer Pluto Exchange announced the launch of India's first mobile app for transaction of virtual currencies. The Pluto Exchange mobile app offers a solution to the coordinator problem between payment processor,financial gateway and bank .
By using a four digit personal identification number,users can now buy sell,store and spend bitcoins via mobile number .

                                           

Origination of Bitcoins

On 18 August 2008 a domain name bitcoin.org was registered by author Satoshi Nakamoto tittle Bitcoin. and bitcoins finally came into existence in 31 October 2008 .The Identity of Satoshi Nakamoto remained unknown and after first successful transaction using bitcoin Satoshi handed entire control to Gavin Anderson. 

Some denomination used in bitcoins

0.0001                -  one mili bitcoin                                                                   
0.00000001        -   one satoshi  

                                                 
              

Mining of Bitcoin

It insures that transaction is safe and secure by verifying users and insert this transaction into block using hash algorithm. This process consumes large power ,time and it is very costly.
Any user can do mining if he has appropriate devices required for mining. 


Introduction of bitcoins had made  purchase of good between users very easy across world. A research from University of Cambridge had stated that this growth of bitcoin will increase in the coming years.
A documentary film named "The Rise and Rise of Bitcoin" was released on 2014 which featured a interview with computer programmers and dealers which shows how bitcoin simplified their life  .

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