Assignment #4 BITCOINS & DIGITAL MONEY

What is a Bit Coin? What are they made of? How do they work? These are the main three questions we ask ourselves when we first hear about such thing as a Bit Coin. Is A Coin that’s currently worth hundreds of US dollars or maybe thousands but is not made of Gold, Platinum or any type of precious metal or material. They’re best described as a virtual currency, which means it only exist electronically. Bit Coin doesn’t work like any type of money that we know of regularly. Bitcoin is run by a Cryptocurrency, Is a Digital form of trading money and it allows you to make transactions. This process also involves a blockchain. It stores information across the network to personal computers, and is also sent to any computer that processes bitcoin.

Bit Coins and Cryptocurrency, [Photo by: Christoph Scholz CC Licensed]

Now this isn’t the only Virtual Coin that exist at this moment. They’re also coins called LiteCoin, PeerCoin, and NameCoin. which are the three other main ones being created and people actually make money with them.

Who Created Bit Coin and how it all started?

The founder of the first Bit Coin was Satoshi Nakamoto which it claimed to be a man living in Japan, born on 5 April 1975. He designed Bitcoin Core and created the first Bit Coin on 2009. Nakamoto mostly focused on a number of cryptography and computer science. No one has ever been able to really discover who this founder was.

Later on Bit Coins kept growing as people learned Bit Coin mining