Bitcoin – A Digital Currency That Has Revolutionized The Online Finance Market

Apr 16 2014

Bitcoin Mining hardwareBitcoin is a digital medium of exchange that is becoming increasingly popular in the recent years. This mysterious technology is a result of intensive research and development by a few anonymous researchers. This system is better designed than the previous online currencies as it prevented counterfeiting and strictly controlled the supply of bitcoins outstanding.

It is a practical solution for an internet user to transfer a unique piece of digital property to another user in a safe, secure and legitimate manner.

What is Bitcoin?

It is a new kind of payment system that assures that anyone in the world can pay anyone in the world any amount of value of bitcoin by just transferring without the interference of any central authority or middlemen. Managing transactions and issuing money are controlled and executed collectively by the network.

This virtual new currency was developed in the year 2009 by an unknown person using the alias Satoshi Nakamoto. It is also the first internet wide payment system where transactions occur either with no fees or low fees. No wonder more and more merchants are beginning to accept the bitcoin system.

What are Bitcoin ASIC mining devices?

Bitcoin mining is a very competitive business and apt for persons who wish to engage in it for fun and do not care about the profits or for those who can do it efficiently to ensure huge profits. Bitcoin mining is the processing of transactions in the digital currency system where record of the current transactions is added to the record of the past transactions.

Any person can become a bitcoin miner by running software with a specialized Bitcoin mining hardware. The bitcoin ASIC mining devices are the state-of-the-art methodologies and advanced architectures that assures bitcoin mining solutions with the highest performance ASICs. Kncminer is one company that leads the pack in ASIC devices. You can reviews on KNCminer devices on the web.

This innovative bitcoin mining solution promises a totally upgradable ASIC mining device that eliminates delay and unnecessary complications involved in organizing the intermediaries needed to assist the manufacture of bitcoin miner hardware.

About ASICs

It is widely touted that the bitcoin mining world is ultimately in the Application Specific Integrated Circuit era. An ASIC is a microchip specifically designed and manufactured to do one specific thing alone. They cannot be repurposed to perform multiple tasks. This means that an ASIC designed specifically for mining bitcoins can mine only bitcoins.

The ASIC designed and formulated for bitcoin mining was introduced in the year 2013. Till then ASIC was a wishful thinking as designing and manufacturing your own chip requires huge upfront costs. Now with ASIC it assures incredible savings of power consumption and works faster than all previous other technologies.

In short this system is not only powerful compared to the others but also exceptionally energy efficient. Yes an, ASIC is the “end of the line” when it comes to disruptive technology.

You can also find ASIC device and maybe even the Best Litcoin miners if you search around.

Conclusion:

Bitcoin is a digital currency that provides a fast, secure and extremely reliable form of payment system. The competency and skill to mine bitcoins are relatively based on computing power. This means that whoever has access to ASIC mining devices could literally print money.

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