Bit coin is a virtual currency that has many benefits for the people. This market is growing rapidly all over the world. It does not govern by any specific body. This is an independent system and doesn’t have any centralized authority. Each transaction in the bit coin system is kept in a public ledger. Every single user can see the ledger publically. In crypto currency, bit coin has the highest popularity. Bit coins are found in three different ways, either you can purchase them with real money, through the goods, and the most popular way mining. Many free bit coin miner’s work on getting the bit coin in large warehouses or at home. The specially designed software help in getting the bit coins and also it needs a good hardware system. This process is done through computer power that requires so much electricity. All records of transactions are kept in block chain which updates automatically after some time in the form of block. The block of the transaction is formed through a process put by the free bitcoin miner. A complicated mathematical algorithm is applied to each block.
Bit coin mining – Uses
Bit coin mining is beneficial for users in many ways:
- Give a chance to earn bit coins: When all the transactions are combined into a group they form blocks with the help of mathematical equations. The one who can solve a block can get a bit coin as a reward.
- Do not require a high transaction fee: The bit coin system does not need a high fee for every transaction like in the traditional currency system.
- You have an option to join a pool or test your destiny.
- It gives a chance to earn the bit coins from your easily accessible computer hardware.