What are the Bitcoin specifications?

Bitcoin specifications

The long cherished desire to get a new type of digital currency has finally taken shape in the digital currency bitcoin. The specification of this new currency was prepared by Satoshi Nakamoto in his mailing list which have been developed and popularized by the many users worldwide. Thus the total number of bitcoin in circulation was estimated to be more than 10 billion units which are designed to go up to 21 billion units. It is estimated to expand to its designed limit by 2040. Each bitcoin unit is divided into 100 million smaller units known as Satoshis after the name of its inventor where about of whom is not known to the world.

digital currency bitcoin

The online bitcoin wallet is the software which is used to store the digital currencies. The bitcoin exchange hosts the wallets for you which you have to install in your computer. Equip your computer to spare a space of 8 to 9 gigabytes for the wallet to get downloaded. After you install the software you need to wait for a day. The software needs that time for getting synchronized with the network. The real test of online bitcoin wallet or the bitcoin currency is its ability to trade involving exchange of bitcoin. This is done through creation of QD code by which the online bitcoin wallet can receive money. In the bitcoin network the miners are responsible for creation of bitcoin. Sometimes you may come across in your site the miners asking for fees. This fee is not compulsory but by paying the fee to the miners you may get preference over others in getting your exchanges fast.