Cryptocurrency is a type of digital asset that is the medium of exchange in a variety of transactions using cryptography. Many people do not have an idea of this concept which is a transfer medium and helps to control the creation of new currencies.
It is essential for every individual to be aware of its uses and impact in society. There are many cryptocurrencies and bitcoin was the first introduced digital currency in 2009. After its arrival, many cryptocurrencies have found and ready to supply in the market.
Bitcoin is measured with the help of Blockchain Transaction Database which is a digital ledger. They are electronic currencies which do not have any central authority to handle it. This highly encrypted decentralized digital exchange can be obtained by winning in an online lottery and you can get the lottery tickets on the internet.
Using bitcoins, you can buy and sell products and services and is like the normal physical currencies and their transactions are recorded in the blockchain which is a public ledger. The senders and receivers of the transactions are kept anonymous and their identities are not known. Only they are identified with the help of their public address and an individual can have more than one public addresses and the count is limitless.
The traditional way to get bitcoins is through mining and in this process the cryptocurrencies are mined by solving math problems and the people who mine them are known as miners. They can be traded from one person to another person by using digital wallets.