Now, for the benefit of Facebook or YouTube, all of us have ever heard the term Bitakayya. But we do not know enough about Bitcoin. What is Bitcoin? How does it work? What are the uses? Let's know the answer to these questions.
What is Bitcoin?
Bitcoin is a kind of cryptococoncy. And cryptocarrency is such a digital currency system that has no physical or real form. Bitcoin is the world's most popular cryptococarcan.
Bitcoin is the world's most popular cryptocarbon; Source: crypto-news.net
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 transactions and takes some charge 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.
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 Naakamoto' 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 Naakamoto 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.
Nobody knows who is this seventh person; Source: coindesk.com
Many times many people were arrested on suspicion of Satoshi Nakamoto, but who are the real Satoshi Nakamoto, or who are behind this name and who are still unknown.
How Bitcoin Works
You will not be able to deal with Bitcoin like 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.
Digital wallet can be used through smartphones; Source: letstalkpayments.com
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.
All transactions are included in the blockchain; Source: idmmag.com
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.
A Bitcoin Mining Rig; Source: youtube.com
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 the peer-to-peer system, every user here is the real owner of 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 user names, addresses, 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. From the ends of the earth