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What is Bitcoin and crypto-currencies technologies?

What is crypto-currency?

Crypto-currency is known by other names including electronic money and digital coins or assets. To many, the concept and technologies used remain incomprehensible mainly because of its complex structure.

Bitcoin is a digital mode of payment developed by Satoshi Nakamoto, an individual whose identity remains a mystery. Bitcoin system is enabled by blockchain technology and it has managed to provide a decentralized and transformative method of payment processing.  Establishment of crypto-currencies as is a tremendous development that has taken the world of business and finance by storm.

The bitcoin monetary unit is virtual currency that lacks physical representation like in the case of traditional currency. One of its outstanding features is that it is divisible. A bitcoin can be divided into a hundred million units referred to as Satoshis. Anyone can trade electronically using bitcoin but in order to buy, sell or store crypto-currency at Truly Coin, one should download a bitcoin wallet which has a private key.

Is Bitcoin Safe?

The system, formed 8 years ago, was to be secured through a cryptography system. Extraction of bitcoin is carried out by bitcoin mining expert who also verify all bitcoin transactions . Private keys act as passwords and they prevent unauthorized persons from accessing your wallets hence enhancing security of your stored coins. The system can also be used in making payments.

The bitcoin system was established to act as a decentralized and a more trustworthy mechanism of facilitating transaction. The intention was to replace other traditional currencies the likes of US Dollars, Rupees, shillings and Euros among others even though this has not been achieved fully yet.  All transactions conducted using bitcoins are recorded in a data file known as bitcoin blockchain which is also commonly regarded as the ledger in the bitcoin system of transacting.