The digital world has come out with a product that challenges
the value of currencies. The concept of digital currency was
introduced through Bitcoin and was launched in 2009. Basically,
Bitcoin works as digital money. Simply put, it is an electronic or
virtual currency.
Bitcoins are generated through an open-source computer program
in a process known as mining. Mining is the minting equivalent of
the usual money or currency we have. Mining is the process of
solving complex math problems using highly powered or specialized
computers running Bitcoin software. Interestingly, the mining
process is self-limiting as only 21 million total bitcoins can be
circulated.
Bitcoins, just like the usual currency exchange, can be bought
and sold in exchange for traditional currency, using appropriate
software. An individual can also purchase Bitcoins by using credit
card or can be coursed through bank transaction. Upon purchase,
Bitcoins will be transferred directly to the
