Bit coin is an electronic currency that is well known by the term crypto currency. It is the most famous crypto currency throughout the world. Its worth is almost the same as the traditional currency has but it exists virtually online. One can buy or sell the products and services by using the bit coins but the only condition is that both the parties accept the crypto currency.
Many countries banned this virtual currency for their people but those who allowed the crypto currencies in their country people go to it. In fact today, it is the first choice for those people who want to escape from the bank system. It is the easiest set up in which all the transactions get stored automatically in the block chain. Those people who have no idea how to buy bit coin, they can get the information through several websites where all the details about the bit coins are given. All those coins that printed on photos are worthless unless and until it has no private code.
A private code is a unique code that gives identity to each bit of coin. Due to this unique code, this system runs automatically and works on the designed algorithm. The working system of creating bit coins runs when every individual process their computer system for others. For getting the bit coins people need to use powerful PCs because computers are made for removing a very tough amount. Occasionally they are credited with bit coins for owing them. The whole process of collecting bit coin is known as mining. The sums continuously became tough to stop creating of bit coins. Anybody can buy the bit coins from three different ways.
- One can buy a bit of coin by using real currency or traditional currency. It is the most common method that people preferred to buy the bit coin. The people of different countries buy these coins through their local currencies. The value of a bit coin depends on comparing the price of different currencies.
- The second method of buying a bit of coin is that when you are selling any product. You will ask the customer to pay through bit coin. This method applies only in that case when both of the parties get interested in using it.
- The third and last method of getting a bit coin is to create using the computer system. For this method, powerful PCs are required.