Bit coin is a virtual currency that is becoming popular with people over time. It is liked by the people because it has an independent system that is not governed by any particular organization. The record of each transaction in crypto currency system is completely transparent. A public ledger is given on the networks that work t record each transaction of all virtual financial records. free mining of bit coins is also a reason for the people to earn bit coins without spending any real currency. Bit coin is the biggest popular virtual money in crypto currency. It is allowed in many countries all over the world. One can use the bit coins in shopping or purchasing any product only the condition is that both the parties have an option to use crypto currency. It has different features and functions for mining.
- Releasing new bit coins: The process of releasing new bit coins is done through the mining process. In real currency, the money is the only issuance through centralized banks. They have the power to release new currency which they think is better for the economy of their country. Virtual currencies are different than traditional currencies. The mining of coins is done through a different process which in result produces new bit coins every ten minutes. The rate of releasing new coins is set with a particular code so that no miner can cheat with the system or produce any coin with their side. This only produces by a computer power network specially designed for the system.
- Approved miner’s operations: Each operation done by the user is recorded into the block chain. Every single transaction record is safe and secure into the public ledger.
- Secure system: The whole system of mining works to keep every operation secure with the hackers on the network.