At present, all of us have heard the word Bitakayya on Facebook or YouTube. But I do not know the details of Bitcoin very well.
What is Bitcoin?
How does it work?
What is used in the work?
Let's not know let's answer this question.
What is Bitcoin?
Bitcoin is a kind of cryptocurrency. And cryptocurrency is such a digital currency system that has no physical or real form. Bitcoin is the world's most popular cryptocurrency.
Generally, we do not have the shelter of a third party organization in terms of money transactions. Just think, you will send some money to your friend. In this case, you send money to your friend from your phone's development/rocket account. Here you are the sender, your friend receiver and the developer/rocket third party, who controls all the transaction process and takes some charges for it.
But Bitcoin is a currency system that does not require a third party to make money. Bitcoin receives directly from the sender to the recipient. This system is called 'peer-to-peer'. In this case, all transactions process is using cryptography which is a very safe process. Since no third party agency controls this transaction, it is not possible to determine the transaction of Bitcoin transactions. That is, nobody knows who the person is sending Bitaken to. Bitcoin can be used to keep the identity completely hidden.
Let's come to the idea of some units related to Bitcoin-
· 1 MBTC = 1000000 BTC
· 1 uBTC = 0.00000 BTC
· 1 mBTC = 0.001 BTC
· 1 satoshi = 0.00000001 BTC
This is how the Bitcoin
On August 18, 2008, On this day in the Internet world, the domain of a website named 'bitcoin.com' is registered. In November of this year, a person or a group of 'Satoshi Nakamoto' pseudonym, 'Bitcoin: A Peer-to-Peer Electronic Cash System' published a research paper online. This is the first time in this paper that Bitcoin is given the idea.
In January 2009 Satoshi Nakamoto released software code for making Bitcoin online. Bitcoin 'Mining' software is made. Bitcoin mining is a process through which Bitcoin is made. Saturn made the world's first Bitcoin in January 2009.
Many times many people were arrested on suspicion of Satoshi Nakamoto, but who is the real Satoshi Nakamoto, or who is behind this name and who are still unknown.
How Bitcoin Works
You will not be able to deal with Bitcoin as a common currency. No bank or organization controls it. Because of the peer-to-peer system, Bitcoin goes directly from the sender's 'wallet'. The wallet is like your wallet, where you have your own bitcoin stored. Wallets are either online or offline. The online wallet user can use it through his smartphone or computer.
<grammarly-btn>Each wallet has a specific address or address. It is impossible to remember that the address is completely encrypted. The user is using this address for the Bitcoin transaction.
When sending Bitcoin from one address to another, it is immediately recorded in an open account, whose name is 'Blockchain'. It is such a huge accounting system that records all of the bits that have been traded during this period. As soon as each transaction is completed a new bit of coins is made in the network. The method is called Bitakken Mining.
Bitcoin Mining is done in the way
Bitcoin mining is a complex process. Is done through a specific mining software. Because of this, high-powered computers are needed. This process is accomplished through complex mathematical algorithms using computer CPUs and GPUs.
<grammarly-btn>Every bitcane transaction is recorded in blockchain. At this time, Bitcoin Miners evaluated the validity of each transaction through mining software. At the same time a new Bitcoin is made.
This process of making Bitcoin transactions and new Bitcoin is very secure. As a result, there is no possibility of deceit or cheating. Both parties have identical secrets.
Some unique features of Bitcoin
Bitcoin is a fully decentralized currency system. The government or any authority does not control it. As a result of peer-to-peer arrangements, each user is the real owner of their Bitcoin. Someone else can not take ownership of their Bitcoin network.
Bitcoin is the entire process of transaction, without a name. A Bitcoin user can open multiple Bitcoin accounts. Opening these accounts does not require any personal information, such as a username, address, etc. As a result, the real identity of the user is hidden.
Bitcoin transactions are completed very transparently. The records of each transaction are stored in Blockquenne, which is when anyone can see from any part of the world. As a result, there is no scope for corruption.
Bitcoin Account is very easy to open. In this case, there is no need to fill any trouble form like opening a normal bank account. No extra fees are required. No papers should be submitted.
Bitcoin transactions are very fast. Whatever bittacquena sent from the end of the world, it will reach the recipient within a few minutes.
Some difficulties of Bitcoin
Bitcoin is completely off the shelf. That is, if someone sends Bitcoin wrongly to any wrong address, it is not possible to get it back.
The Bitcoin transaction does not control any organization. The identity of both sender-recipient is completely hidden. As a result, it is possible to use bitcoin in many criminal activities. Bitcoin is also used for the purchase of illegal products. All transactions in the dark web of the dark web are by Bitcoin
Bitcoin prices are very unstable. Sometimes a huge amount of ever increases, sometimes a huge crash.
The price of Bitcoin in the present world
Since Bitcoin first launched, the price has increased day by day. In 2011, Bitcoin's market value first rose from $ 0.30 to $ 32. Then in 2013 the price rose to $ 266. Bitcoin prices continued to grow gradually. At the end of 2016, the price comes to over $ 600. Then in 2010 the Bitcoin prices increased the record. Bitcoin rises upwards of $ 9,000 in November this year, increasing by almost a thousand per month.And this December, the price has risen to more than $ 15,000 which is a truly unprecedented event.
Bitcoin is very popular in many countries around the world. More than thirty thousand people in the world, like WordPress, Microsoft, Wikipedia, Overstock, accept Bitcoin. The day-to-day popularity of the day is increasing. Microsoft founder Bill Gates commented on Bitcoin,“Bitcoin is better than currency“।
I do not know how you feel like this post.they i will be encouraged in future to post such.thanks very much to everyone.
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