Generally, using real-paper currency or any digital signature related to it, real-life and online trading issues are apparently eliminated without any problems. However, there are two major problems with the use of currently used ATM cards, credit cards, debit cards or other digital signatures. In case of a transaction, both the customer and the recipient are required to 'trust' or trust on a third party, for example the bank. Third parties, both parties in this bank pay a certain amount of currency, which is called 'double-spanning' in English. The emergence of crypto currency. to solve this problem. Bitcoin is similar to a crypto currency.
Bitcoin is the sign currency traded through the Open Source Cryptographic Protocol. There is no need for financial institutions, regulatory bodies, or fixed houses for Bitcoin transactions. In 2008, an unknown person or group suggested Satoshi Naakamoto, the currency system. He / she called this currency as peer-to-peer transaction. Bitcoin transactions are protected by a server named Bitcoin Miner. If there is a bitcoin transaction between peer-to-peer communication systems in multiple computers or smartphones, its central server user laser updates.
Sat0shi Bitcoin created the first software for 'mining' since the release of the offer. 'Mining' is the process of making Bitcoin. In January 2009, Satoshi released the first Bitcoin currency.
As soon as a transaction is completed, new bitcoins are produced. By 2140 new bits of bits will be reduced to half every four years. After 2140, 21 million Bitcoins will be created and no new bits will be made.
Since Bitcoin transactions are not needed to complete any financial institution and its transactions can not be followed in any way, Bitcoin is becoming increasingly popular in different places of the world. Apart from legal products transactions, the use of bitcoin in drug smuggling and money laundering has increased alarmingly. Although Bitcoin has gained popularity as a digital currency, many people criticize it due to its high degree of price fluctuations, scarcity and limited use of business against international currencies.
See current price of Bitcoin against dollar - 1 bitcoine = 7785.99 dollars (19/11/17, 9 nights)
One month ago, which was worth 4800 dollars One year ago, the price was around 900-1000 dollars. Bitcoin's popularity and price are rising so fast that many see it as a threat to the global economy. For many, Bitcoin is the future of the economy.
How Bitcoin Works
Bitcoin transactions are either peer-to-peer or customer-to-customer's computer. It does not go through any central house or it has no controlling organization to control it. All Bitcoin processes are completed through an open source software online. Like a common currency note, it can be sent from one person to another, but the central bank or the government does not try to track it. The system relies on cryptography for currency creation. Since no authority controls or controls Bitcoin production, the system is designed in such a way that the network keeps a faulty record of each transaction, as well as track issue of currency. After every four years, the total number of Bitcoin is rescheduled so that it can be adjusted with the real currency. The advantage of crypto-currency is the guarantee. If you have a physical currency, as sure as you are sure, you still get the bitcoin in your account. Besides, nobody will know where and how you spend Bitcoin. Bitcoin is in the Dark Web or Dark Market So Bitcoin is called free world free currency.
Bitcoin Mining
Bitcoin mining is a process through which the transaction is verified and added to the public laser, which is known as the Blockchain. And it was added by the new Bitakayane publication. Anyone can participate in Mining through appropriate hardware on the Internet. But it should use desktop and hard hardware. Computing the last transaction in the blocking process is difficult to get through. If the participant can solve the puzzle, then goes to the next block and can claim the reward. Currently mining is very non-profit. Bitcoin Other means of income are more popular and profitable. Bitcoin income can be discussed later.
Advantage & Disadvantages of Bitcoin facilities
Bitcoin prices are not stable, since it is not inside surveillance like other currencies. Its price fluctuates too much. It is possible to see the graph of its value since its birth. A lot like the stock market. Bitcoin is still not acceptable in many places. If your coins are online wallet it can be hacked.
There are many advantages in contrast to the inconvenience. You can send or receive whenever you want your coins whenever you want without any permission. Your Transaction will be safe and secure. The most interesting thing is that there is no scope for real money fraud, but there is no scope for bitcoin fraud.
