Mybitmart

Earlier we talked the need of Bitcoin.Now we will discuss what is Bitcoin.we are trying to define it .Bitcoin is a digital currency that is not backed by any country's central bank or government .Bitcoin transactions are made by digitally exchanging anonymous, heavily encrypted codes across a peer to peer network.The peer to peer network monitors and verifies the transfer of Bitcoins between users.Each user's Bitcoins are stored in a program called a digital wallet,which also holds each address the user sends and receives Bitcoins from ,as well as a private key known only to user.

Let's make it easier by comparing it with an email account.As we need an email account to send and receive emails similarly we need a wallet to send and receive Bitcoins.Once we have a wallet we need to generate our Bitcoin address,that is given to people to send and receive Bitcoins.Just like an email we need to protect or guard or account with a password.This password is known as secret key or private key in Bitcoin terminology.it can be done either writing on a piece of paper or any other medium,but what is more important is the security of account.Whoever knows it can access account.Even if we forget our password we can loose our Bitcoins too.
Every time we make a transactions through an address,the file gets updated.This file is called Blockchain. It is a public ledger of all Bitcoin transactions that have ever been executed. There is difference between bank
ledger and bitcoin ledger.In bank ledger we have address and balance whereas in bitcoin ledger we have addresses and balances ,but we don't know which address belongs to whom.it is transparent because anybody can see it

whom.it

Mybitmart updated their phone number.

Government of india invites suggestions on bitcoin law

Bitcoin has been accepted by many countries and now Indian government is in process to regulate it soon

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Mybitmart is a platform for bitcoin currency users to make profit through buy and sell,or we can say it is a bitcoin wallet exchange where we provide many features with the aim of creating more financial resources and better connectivity.

For a common man its really difficult to understand what is bitcoin because this term is still too technical to understand .very few people are aware about digital currencies,though we have a very big market in India. Just to give an example , the term bitcoin was the most searched term in 2014.These days we all are hearing about bitcoin and the other digital currencies, also known as cryptocurrencies.

The first question that arises in our minds that what is the need of digital currencies while we have already having government issued currencies.As we all know that today we cant imagine our lives without internet.The internet has enabled many positive changes for those who access to it,but it has serious limitations for business and economic activities . On the internet ,we still cant trust one another to transact and exchange money without validation from a third party like a bank or a government.These same intermediaries collect our data and invade our privacy for commercial gain and national security.The explosion in online communication and commerce is creating more opportunities for cyber-crime. Paying with credit cards over the internet was insecure because users had to reveal too much personal data , even the transaction fees were too high for small payments.

In 1993,a brilliant mathematician named David Chaum came up with e-cash,a kind of digital payment system that made it possoible to safely and anonymously pay over the internet ,even his company Digicash went bankrupt in 1998 due to some issues.Since our aim is not to discuss about the history of currency ,we are just trying to tell you why we need to introduce bitcoin in our lives for any type of transaction. When the global financial industry crashed in 2008,digital currency came up and Bitcoin is one of them. Bitcoin is a digital currency created in 2009.It is based on the ideas given by pseudonymous person Satoshi Nakamoto,whose identity has yet to be verified .Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government issued currencies. Biitcoin is also known as BTC,XBT.
...........to be continued