What are BitCoins?
The first open source digital currency "for the people, by the people"!!!A "In the Know" generation digital peer-to-peer currency technology created with absolutely no central authority. This means managing transactions and the issuing of bitcoins is carried out by a "collective network" of programmers who understand the cryptographic protocol. Bitcoins are subdivided into eight decimal places, forming 100 million smaller units called satoshis. Bitcoin is the first payment system without financial institution influence or government regulation. Bitcoin is traded by merchants and individuals all over the world. Bitcoin is one of the first implementations of a concept called cryptocurrency. Cryptocurrency or math-based currency is a new form of money that uses cryptography to control its creation and management, rather than relying on central authorities.
Bitcoin can be sent and received through multiple websites and applications that support digital signatures based on the Bitcoin address's/public key which is around 33 characters long like "175tWpb8K1S7NmH4Zx6rewF9WQrcZv245W'". The network's software confirms transactions when it records them in new blocks in the global ledger known as the "block chain". A block of transactions is created roughly every ten minutes and is shared across the peer-to-peer network immediately. Since each block builds upon previous blocks, all previous transactions are made more secure and permanent with each additional block. After six confirmations (one hour on average), a transaction is usually considered to be reasonably irreversible. Various vendors offer banknotes and coins denominated in bitcoins; a Bitcoin private key is sold as part of a coin or banknote. Usually, a seal has to be broken to access the key, while the receiving address remains visible on the outside so that the balance can be verified. Citation needed British Museum in London to represent Bitcoin