What are Bitcoins?

What are Bitcoins?

Bitcoin is virtual banking currency of the internet.Bitcoin has existed for several years and many people have questions about them like Where do they come from and how can we get them.Here are the things you should know.
What is cryptocurrency?
It is also known as digital currency.Cryptocurrencies are just lines of computer that holds monetary value.The lines are created by powerfull computers.
The word cryptograhy is the origin of the word 'Crypto' which means the process used to protect transactions that send the lines of code out for purchase.Cryptography also controls the creation of new coins.Goverments have no control over the creation of cryptocurrencies that is why cryptocurrency became popular.With the time the production of most of the cryptocurrency will decrease leading in increase of the value because the cryptocurrency
 began with a market cap in mind.
What are Bitcoins?
Bitcoin was the first cryptocurrency made by the developer Satoshi Nakamoto in 2009 for the maximum anonymity.But the  developer Satoshi Nakamoto disappeared leaving us with Bitcoin.The digital currencies like Litecoin,Peercoin etc are known as ALTcoins or alternative coins because they were created afterBitcoin.Bitcoin can be stored offline on a person's local hardware and the process is known as cold storage and it also protects the currency from being stolen and when the currrency is stored on internet the process is called hot storage and there is high risk of being stolen.On the flip side,if a person loses acess to hardware that contains the bitcoins the bitcoins are gone forever.It's estimated that $30 billion in bitcoins have been lost by miners or investors.