What is Bitcoin? – Bitcoin price – bitcoin value and bitcoin mining
What is Bitcoin? bitcoin value and bitcoin mining
Cryptocurrency is a digital asset designed to serve as an exchange medium. It uses cryptography to protect additional units and control the property and secures transactions. Cryptocurrency is also known as a digital currency, alternative currency or virtual currency. The cryptorchid system runs in decentralized control, which opposes the central banking system and centralized electronic finance system. The decentralized control of each cryptococcal works through Blockchain. It is a public transaction database that acts as a distribution network. The most widely used and popular crypto carbon currently is Bitcoin. There are also cryptrocarcars of Etherium, Lightkayen, Dash, etc in the market which are popular.
What is Bitcoin?
Bitcoin is the most popular and used digital currency of the current cryptococcal world, which is known worldwide as a trading medium. This is the first in the decentralized digital currency because it is the first to work without a central bank or a single administrator. Bitcoin Network is a universal process that takes place directly between users without any intermediate medium.
this is invented by an unknown person or individual group. The name of the inventor is named Satoshi Nakamoto. It was released in the open market in 2009. This is made through the mining process. It is currently used for the exchange of currency, products, and services. According to the 2015 statistics, more than 100,000 businessmen and vendors accepted bitcoin as a medium of payment. With the acquisition of it in Cambridge University in the year 2017, it is learned that about 29 million to 5.8 million people have used cryptanacarial wallet, most of whom use this coin system.
Why Bitcoin is so popular?
When it was discovered in 2009, its popularity was not so much imagined. If you used to invest only $ 100 in Bitcoin in 2009, then it would cost around 3-4 million dollars. It is understandable that in the cryptococcal world, the price and popularity of Bitcoin are unlimited. At the current market price, the price of 1 bitcoin is 7 lakh 6 thousand and five hundred rupees. Today we will discuss why this coin is so popular.
# Decentralized: This currency network is not controlled by any central authority. Every machine that bits a bit of money and keeps the transaction running is considered as a part of the network and all the mining machines work together. So, theoretically, a central authority can not fraud this monetary policy, and this will lessen the likelihood of any accidents occurring. Because of this protection, people use so much.
#Easy Setup: Bitcoin account set up is easier than a normal bank account. With a minimal computer and online working experience, he can easily open an account. There is no type of fee to open this account.
# Privacy: A user can hold multiple Bitcoin addresses where they do not have to be associated with a particular name, address or another person. Generally, these types of confidentiality are not seen on the digital currency system in the competitive market. it is the first currency-issuing currency system. That is why the general public and business people like to use it.
# Transparency: Bitcoin keeps the details of all types of transactions organized on the network through a huge general investigation, named after that blockchain. Through this, the user does not have to store all the information related to his transaction separately. A user can see the behavior of the Bitcoin system, so there is no possibility of any kind of fraud.
# Low-cost transactions: One transfer fee is to be paid for international currency exchange and, in most cases, a higher fee is payable. But Bitcoin can be traded at a very low cost. Which is one of the main reasons to make it popular?
#Bitkayen system works fast. It can be reached within a few minutes to transfer money to another server. Bitcoin completes the network payment process very quickly. That is why traders are more interested in using Bitcoin for their institutional transactions.
# Extensive expansion: Increasingly, the spread of Bitcoin is increasing, and as a result, a lot more people know about it. Currently, the United States, Australia, the United Kingdom, and even the United Nations government are thinking of implementing it. In addition to the government, various nomadic organizations are also contemplating to use it. That is why increasing the use of bitcoin is increasing day by day.
# Danger of Risk: In the economy, the situation of unstable conditions have been created for the continuous downward movement of currency. Due to which the common people are experiencing various problems For this, many people are watching Bitcoin as a reminder to prevent the devaluation of the currency. According to most experts, we should increase the use of digital currency to reduce the pressure on the general currency. Due to this, the use of digital currency is increasing day by day. And since this is the first digital currency so people are using it more.
Bitcoin exchange method:
Bitcoin is often called the first crypto carbon in the world.like crypto conference exchange is through the computer’s “peer to peer” network. The main purpose of this network is to share data. This data can be different. Such as movies, songs, documents, etc.
Taki then started to suffer a little hesitation. It is possible to duplicate the digital data, then it is possible to make fake Bitcoin too? But the anxiety of Taqi did not last long. It can not make fake bits can even if anyone wants a digital currency even after being a digital currency.
The main reason is that it can not be duplicated as a video or audio file. In fact, an entry for a huge global database called Bitcoin Blockchain. Blockchain keeps all the records of Bitcoin accounts. So far, data collected in blockchain 148,945 megabytes.
But who keeps this blockchain account? It was noticed that since there is no controlling authority for Bitcoin, there is no recognized authority to keep the accounts of Blockchain. The account of the exchange between the Account (called “Wallet”) is self-motivated by people from different parts of the world.
He decided that he would also keep a record of the betaken exchange. He first bought a special problem-solving computer. Then, he placed a strong solar panel on the roof of his own house. Because it requires a lot of power to use these computers. It is not possible to run this cost with electricity bills on the basis of taking. Instead, he can save a lot of money with his own solar panel.
Now, sitting on the computer, I began to keep accounts. When the exchange of Bitcoin, the exchanges announced that exchange and accountants like Takbir update the information in Blockchain.
As many people update the same information, it is seen that if someone tries to fraud, that attempt is found. When the first block of Taqi was completed by updating the information, he started using new blocks. Thus, block blocking of information was created using one block after another.
While updating Taki Blockchain, records three issues of an exchange. Such as
- Sender Wallet Number
- Receiver’s Wallet Number
- How many bits are being sent
But many people seemed to be at risk of being accountable with the account number information. Anyone can send Bitcoin to another wallet from Bitcoin Wallet.
One day he told Nahyan brother about this risk to eat tea in TSC Then Nahian’s brother said to him, “Cryptography is used to avoid this risk, and this is why it is called a crypto carbon.”
Taki: “But brother, how does this cryptography work?”
Nahian brother: “Two keys/keys are used in these wallets. One is the private key and the other is the public key. These keys are two unique, and this ensures the exchange of bitcoin exchange. Suppose, I will send the data of Bitcoin, I will mark that data with the private key. Next, the data is verified by my public key, if the private key marks and public keys are matched, then everyone will know that I actually sent the data. The characteristics of these two keys are that it can not be duplicated as a credit card number or signature. “
Taki: “Wow! Let’s get anxious, Nahian brother: “Yes, it is almost impossible to steal. This is also one of the reasons behind the huge popularity of it. “
many websites also talk about this coin System