As we slowly move out of the physical world and get into the virtual realm, we are beginning to design virtual forms of currency. Instead of a physical piece of paper or coin, we now have an online presence of money. This presence was created out of a blockchain that has the information distributed across the world. This type of currency doesn’t have to go through a centralized government. This allows the currency to be traded worldwide without going through a bank. So, what exactly, is a bitcoin?
A bitcoin is a form of currency that is kept in a digital wallet that is created from an algorithm. This is a digital currency that is mined into existence by people called miners.To create bitcoins, there are people called miners that access the blockchain where all of the bitcoin transactions take place.
This means that the miners are there to verify the transactions, which means that they are looking at the public key of the transaction and using complex algorithms to complete math problems that will confirm the identities. This means that there can be no fraudulent transactions in the cyber realm of bitcoin.
The results of mining these bitcoins are that you are returned money in the form of bitcoin from working on mining these chain blocks. The return on investment a lot of times is not worth the amount of power it would require to run a computer for the amount of time it would take to mine the blocks. One bitcoin started at a value of about 8$, and now today the value of bitcoin has grown up to 8,500$
Bitcoin is a finite number, and so many can be created but as more are created and the value increases of bitcoin the difficulty of the mining algorithms become harder to slow down the creation of these virtual coins.
Bitcoin is the next up and coming currency that can provide its holders with anonymity through the purchases making it such an appeal to criminals who are looking to use it for the wrong reasons. The general idea of what a bitcoin is; is honestly just a virtual form of money that is untraceable, which makes it so appealing to people. This also means that it is incredibly difficult for someone to steal a bitcoin.
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