Bitcoins and Block Chains
Cryptography was used in earlier times to prevent messages and to maintain privacy of messages. Bitcoins are referred to crypto currency because they use cryptographic algorithm to ensure the transactions are safe and reliable. Evolution of money is what people called cryptocurrency. They are easier to carry, spend and track. Bitcoins are considered to be more safe and trustworthy because it is not controlled by any central authority or any state bank or central bank i.e. there is no centralized power. It is divisible and a digital representation of money and free from hyperinflation. Bitcoins can be used to pay as wages, it can be used in trading. Companies like Binance work for Bitcoins. It is encrypted in private and public keys which are generated to safe the transaction. The entire bitcoin community maintain a blockchain which cannot be modified. It is a database which is maintained by community. Block chain record transactions and each new transaction overlaps the...