Day. 1
Chapter 1
Hello all
As promised ,
From today ,I will deliver lectures free of cost onto Bitcoin so that you will start earning from home by using computer.
My first post will be onto Bitcoin.
Everyday a single lecture will be delivered from my book
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BITCOIN
THE FUTURE CURRENCY.
WELCOMES
YOU
THE BITCOINS
MININGTRADING GUIDE.
By Ashfaq Bhat
Lecture 1
What is Bitcoin?
First and foremost, Bitcoin is a currency like any other currency. It is a medium of
exchange, just like the dollar, euro, or yen, and it has value because a lot of people believe it does. It has units analogous to dollars and cents (bitcoins and Satoshis, respectively, the latter named after Bitcoin’s creator).
A Bitcoin
is a unit of measure in an online currency exchange system. Unlike government
backed fiat, such as the USD, there is no government or central owner of the BTC
(Bitcoin ). A Bitcoin is traded within a peer to peer network which uses
cryptographic processes to build trust around each transaction, thus building
proof of ownership for your BTC.
Users can transfer bitcoins over the network to do just about anything that
can be done with conventional currencies, including buy and sell goods,
send money to people or organizations, or extend credit. Bitcoins can be
purchased, sold, and exchanged for other currencies at specialized currency
exchanges. Bitcoin in a sense is the perfect form of money for the Internet
because it is fast, secure, and borderless.
So what makes Bitcoin different than
other currencies?
First, it is a digital currency.There is no Bitcoin mint.
Bitcoins exist only online.Think of PayPal, or an online
bank transfer, and how you can send dollars back and
forth over the Internet. It’s kind of like that, except with
bitcoins instead of dollars,and without any central
authority. That’s right—there Is no central authority
governing Bitcoin. There is no bank , and no government institution. Instead, there is a
peer-to-peer network that tracks everyone’s balances,
stores transaction histories, and regulates the creation of
new bitcoins. All of this happens securely and nearly
instantaneously. Transaction fees are extremely low, there
are no deposit or withdrawal limits, and you can access
your funds from any country to any time using nearly any
computer or smartphone. Oh, and it’s all open source. In an
age of increased government surveillance and shenanigans on Wall Street, it is no
surprise that Bitcoin is rapidly growing in popularity. And I do mean rapidly—the
price of one Bitcoin shot up from less
than $ 0.50 to more than $ 1,000 in the last quarter of 2013 alone. And in 2016
the bitcoin price was less than $ 300 but at the time of writing the price touches
once again $1100 in january 2017 but don’t worry—you don’t have to buy one
Bitcoin at a time. You can buy a few
Satoshis worth less than single Dollar.
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