Bitcoin is built on the notion that money is any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic grouping. Bitcoin uses cryptography, or mathematical equations, to control the creation and transfer of money, rather than relying on governments and central banking authorities. Transfers for loans, sales, purchases or any other methods of payment can be processed by anybody, using a desktop, smart phone, tablet, or laptop. This is all possible without the need for a financial institution to act as an intermediary or recording agent.
Bitcoin are minted by a process termed mining, in which specialized computer hardware complete complex mathematics equations and are rewarded with a block of bitcoins. This process takes about 10 minutes and the current block rewards 25 bitcoins. The block reward will be halved to 12.5 bitcoins in 2017 and again approximately every four years thereafter. By 2140 there will be roughly 21 million bitcoins in existence.
online retailer was quoted as saying “Other retailers will not want to miss out, Bitcoin market is growing by 30% per month. After the five Big Banks said no to money from marijuana dispensaries and growers, Colorado’s legal marijuana dispensary industry turned to Bitcoin ( Best Place to Buy Bitcoins ). The IRS has also recently launched a campaign that allows taxes to be paid with Bitcoin.
Bitcoins Bazaar, [http://bitcoinsbazaar.com], is a blog and information page focused on novice Bitcoin enthusiasts and entrepreneurs.
What Does Bitcoins Mean 