Peer-to-peer technology has evolved to accommodate payment systems, as exemplified by Bitcoin. It is a digital currency that can be used for personal and business transactions at a reasonable cost. Sometimes referred to as the currency of the Internet, Bitcoin is not subject to any central authority. Created around five years ago, it has been growing rapidly with many speculating that this growth will continue in the near future.
More about Bitcoins
Bitcoin is the defining technology of the game. These coins represent the currency itself and conduct transactions. They are sent or received through wallet software running on a PC, web app or smartphone. They can be obtained through the exchange of products and services, or through mining.
What is Mining?
Mining is the process by which new bitcoins are created. For every transaction that takes place, records are kept sequentially in a public database called the blockchain. Those who…