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What Is BitCoin?

Bitcoin is a type of cryptocurrency. Profits of Bitcoin tokens are kept using public and private “keys,” which are long strings of numbers and letters linked through the numerical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret and only used to authorize Bitcoin transmissions. Bitcoin keys should not be confused with a Bitcoin wallet, which is a physical or digital device which facilitates the trading of Bitcoin and allows users to track ownership of coins.

The term “wallet” is a bit misleading, as Bitcoin’s decentralized nature means that it is never stored “in” a wallet, but rather decentrally on a blockchain.

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Naeem Ur Rehman

Written by Naeem Ur Rehman

Pakistan's youngest blogger and the CEO of Raabta.net. He is currently the student of BS Environmental Sciences at University of the Punjab, Lahore. He is also working as a senior advisor to Aagahi.pk, Mukaalma, and Pylon TV.

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