Bitcoin is a new currency, which means it's a new type of money. Unlike the money that we use today that is controlled by our governments and a few powerful organizations, this money is a digital currency, that it is not printed by banks. This currency is accepted globally for the same value.
This decentralization is the reason for the freedom and security with this currency. This type of money has never existed before and has no fees or middle men benefiting from the use of it. It's similar to using a free App to call friends and family anywhere in the world instead of paying expensive phone bills. For the first time, we the people control the money we use and never have to pay institutions to keep our money or use our money then charge us a bill. The best part is that it's safe.
Bitcoin is a digital currency created in 2009, it is a software-based online payment system. Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins. It became prominent in 2013, when the value of a Bitcoin soared more than 10 x times the value in a short two month period, from $22 in February to a record $266 in April. At its peak, based on more than 10 million bitcoins issued, the crypto-currency boasted a market value of over $2 billion.
This type of money or currency comes into existence from mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The first participant who solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards incentivize mining and include both the transaction fees (paid to the miner in the form of Bitcoin) as well as the newly released Bitcoin.
Your Bitcoin account balances are kept using public and private "keys," which are long lists of numbers and letters created by the encryption algorithm that was used to mine them. The public key is similar to a bank account number and is used as the address which is published to the world and the way in which people can send you Bitcoin. The private key which is similar to your debit or credit card PIN and should never be given to anyone, this is what you use to authorize sending Bitcoin to others.
Cloud Mining gives instant access to a mining platform to anyone who wants to start mining immediately, whether its because you don't have the knowledge to do it by yourself or you just do not want to incur the huge start-up purchase of purchasing and managing your own hardware system. Simply it's sharing the processing power our data centers to mine together with us as a group. By working together in a pool and sharing the payouts amongst participants, miners can get a steady flow of bitcoin starting the day they activate their miner.