So, here comes a new revolution in the history of money. As Internet has grown over the time so rapidly that everything in transforming into web. Jobs, shopping, entertainment, education, everything - easily available on internet. Therefore people at Bitcoin introduced a new way to make money system for internet. Bitcoin is a peer-to-peer currency. Peer-to-peer means that no central authority issues new money or tracks transactions. These tasks are managed collectively by the network.
click read more to learn more about bitcoin.
What is Bitcoin?
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The benefits of a currency like this:
a) Your coins can’t be frozen (like a PayPal account can be)
b) Your coins can’t be tracked
c) Your coins can’t be taxed
d) Transaction costs are extremely low (sorry credit card companies)
Where Do Bitcoins Come from?
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Bitcoins are created by a complex algorithm. Only 21M can be made by the year 2140. Your desktop bitcoin software can make bitcoins, but at this point the electricity and time it would take to produce a bitcoin is larger than the actual value of a bitcoin (your laptop might take five years to make one, and they currently trade at $6.70 per bitcoin [ see https://mtgox.com/trade/buy for the latest exchange rate ].
Bitcoin miners use super cheap GPUs (not CPUs) to create the coins, but as more people come online to make them, the algorithm adjusts so that one block can only be made every 10 minutes.
The other side of Bitcoin
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Launch posted a article Bitcoin P2P Currency: The Most Dangerous Project We've Ever Seen
I recommend do read this article and research more about this project before getting started.
Is Minning for real?
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I found this interesting post from at364 Blog.
Bitcoin minning in Pakistan - It is a in depth review about mining FAQ on bitcoin.
