{"id":36528,"date":"2015-07-03T11:27:56","date_gmt":"2015-07-03T11:27:56","guid":{"rendered":"http:\/\/vskills.in\/certification\/blog\/?p=36528"},"modified":"2024-04-03T13:22:38","modified_gmt":"2024-04-03T07:52:38","slug":"bitcoins-2","status":"publish","type":"post","link":"https:\/\/www.vskills.in\/certification\/blog\/bitcoins-2\/","title":{"rendered":"What are Bitcoins"},"content":{"rendered":"<p style=\"text-align: center\"><a ref=\"magnificPopup\" href=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/07\/Bitcoins.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-36572\" src=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/07\/Bitcoins-300x225.jpg\" alt=\"Bitcoins\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/07\/Bitcoins-300x225.jpg 300w, https:\/\/www.vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/07\/Bitcoins.jpg 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>\u201cBitcoins \u2013 Bit + coins\u201d, bit electronically represents digits, coins represents currency. So the term as a whole can be interpreted as digital currency. Image making purchases with virtual currencies, such a scenario is no way far from today. In fact it is already in existence outside India. Merchants prefer them, as the commission incurred is less than credit cards. They\u00a0are implemented only for electronic purchases as of now. Facility to transfer bitcoins is also into existence.<\/p>\n<p>How it works?<\/p>\n<p>Bitcoins are not managed by any force, in other words \u201cdecentralized\u201d. Every transaction will be recorded as a transaction log in a database, named as block chain. Block chain holds the details regarding transactions of every single bitcoin. Block chain will be regularly monitored by employees designated as \u201cminers\u201d. Miners verify, correct and update the transactions. Miners also ensure security and confidentiality for the data transacted.<\/p>\n<p>Bit coins are produced by mining. 1.5billion+ bitcoins are in circulation till today. They\u00a0are highly volatile and traded like any other foreign exchange currency. Speculators as usual buy bitcoins at lower price and see profits by selling at higher price. Bit coins are volatile as they lack liquidity and they are generated in a very limited numbers.<\/p>\n<p>Say user A has to transfer bitcoins to user B. Every user will register with an address to buy and sell bitcoins. Once user A transfers it\u00a0to user B, block chain will be updated by the ownership of bitcoins shifted to user B\u2019s address. Every bitcoin user should hold a \u201cbitcoin wallet\u201d which can be obtained in laptop, mobiles, online etc. \u00a0So, a transaction is transferring bitcoins between bitcoin wallet. Every transaction will be initiated only after a mathematical proof is obtained from the sender. The mathematical proof verifies the sender\u2019s address which is similar to a private key in cryptography. Also, bitcoins are ensured that they are safe and secure on their way to receiver\u2019s wallet. Bitcoins are on its way to revolve ecommerce soon.<\/p>\n<p><a href=\"http:\/\/www.vskills.in\/certification\/accounting-banking-and-finance\">Click here for government certification in Accounting, Banking &amp; Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cBitcoins \u2013 Bit + coins\u201d, bit electronically represents digits, coins represents currency. So the term as a whole can be interpreted as digital currency. Image making purchases with virtual currencies, such a scenario is no way far from today. In fact it is already in existence outside India. Merchants prefer them, as the commission incurred&#8230;<\/p>\n","protected":false},"author":645,"featured_media":36572,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1519],"tags":[1339,2647,4956,4955],"class_list":["post-36528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-banking-and-finance","tag-bitcoins","tag-currency","tag-digital-currency","tag-electronic"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What are Bitcoins - Vskills Blog<\/title>\n<meta name=\"description\" content=\"All about bitcoins its working and its growth till today. Apply for a vskills certification in Accounting, Banking and Finance now. Hurry up!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vskills.in\/certification\/blog\/bitcoins-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What are Bitcoins - Vskills Blog\" \/>\n<meta property=\"og:description\" content=\"All about bitcoins its working and its growth till today. Apply for a vskills certification in Accounting, Banking and Finance now. 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