Bitcoins in UK - A New Path

First of all one has to understand the concept of Bitcoins. It is a medium of transaction which is not similar to the age old methods of transaction. Unlike transaction of physical money it is a kind of virtual money. What is Bitcoins? Bitcoins are the peer-to-peer method of transaction based on an open network. It is controlled by the users and it doesn't have any central authority. It is controlled by cryptography. One can say it is the money for the internet. The concept of this virtual money was first described in 1998 but it wasn't until 2009 that it became a practice. In UK bitcoins are becoming quite popular. What is most important is that it is user controlled. So nobody can force new rules because users are free to choose which version they want to use. So this method will only work if there is complete consensus among the users. The users are also responsible for protecting the concerns. What is Litecoins? Litecoins are very similar to Bitcoins but it is developed as a successor to bitcoins. Litecoins have better security and in contrast to bitcoins the transactions are faster using litecoins. The block chain response in bitcoins is created every ten minutes but with litecoins it is done every two and half minutes. The block chain response is sort of like an entry or record of bitcoin transactions. How to get bitcoins? 1:- One of the process of acquiring bitcoins is by mining. Mining is the term given to people earning bitcoins in exchange of their services. People offer their computer network and record bitcoin transactions into a public ledger and they are rewarded with new bitcoins. Mining can be done from anywhere in the world. 2:- In UK buying litecoins are becoming popular as well. Bitcoins or litecoins can be bought against cash. So one can just go to the bitcoin or litecoin ATM and buy them against cash. Bitcoins can be bought against any currency as it is being used worldwide now. 3:- Another way of buying bitcoins in UK is via online. This is becoming very popular. Bitcoins can bought from the bitcoin exchange. This is hassle free because one just needs the internet to buy. 4:- Other than these one can trade their products in exchange for bitcoins. Paying via bitcoins is really easy. It is even easier than card payments. No wonder it is getting so popular