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A type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds operating independently of a central bank.
Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authorithy,unlike government issues currencies.
An activity is called mining and is rewarded by transaction fees are newly created bitcoins.
Bitcoin is a digital currency (also called crypto-currency) that is not backed by anycountry’s central bank or government. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment.
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