Bit coins are the virtual currency that does not govern by any specific body like bank or government. It is an independent system that has whole transparency for each user. One can use the bit coins in their regular needs like purchasing of products etc. The only condition for using bit coins is that both the customer and seller must use this system. They are different from the traditional currency in each way. They are not issued by any authority like in traditional currency.
You can get the bit coins in three initial ways:
- Purchasing them from real currency
- Taking them for products and services.
Mining is a method of updating each record in public ledger designed for maintaining the transaction of every single user, which is known as block chain. All the user of this network is allowed to access this ledger. Block chain is formed with a series of blocks that include whole transaction records after a certain period. Whenever a series of operations is created, miners keep it over a method. The mining of bit coins is a high expertise industry that always not beneficial for everybody. Generally, the bit coin mining is done in big warehouses so that it takes less electricity and it is cheaper for the miner. Every individual has an option of doing free mining which is a magnetic feature of this system.
The bit coin mining is done in a few steps:
- First, find the wallet of bit coin which will help you in keeping the earned bit con.
- After getting the bit coin in mining you need to sell those coins somewhere. For the selling of bit coin you will require bit coin exchange.
- Get the best hardware for mining the bit coins.