WHAT IS BITCOIN?

         Have You Ever Been in a Thinking About the Bitcoin? In This Blog You Will Find the Perfect Answer For That But Before We Get Into the Topic We All Just Want To Know What is Crypto Currency.

Crypto

Cryptocurrency 

Cryptocurrency, sometimes called crypto-currency or crypto, Which is decentralized digital money designed to be used over the internet. 

• Crypto Makes Possible to transfer the Values over the internet At 24/7, Without the Help of Intermediate Like Banks.
• Cryptocurrencies create unique opportunities for expanding people’s economic freedom around the world.
• The most popular cryptocurrencies, are Bitcoin, Ethereum, Tether, Binance Coin, XRP.

How Cryptocurrency Works?

Cryptocurrencies are part of a blockchain and the network required to power it. A blockchain is a distributed ledger, a shared database that stores data. Data within the blockchain are secured by encryption methods. When a transaction takes place on the blockchain, information from the previous block is copied to a new block with the new data, encrypted, and the transaction is verified by validator called miners in the network. When a transaction is verified, a new block is opened, and a Bitcoin is created and given as a reward to the miners who verified the data within the block they are then free to use it, hold it, or sell it.

Bitcoin

BitCoin

Bitcoin is the world’s first successful decentralized cryptocurrency and payment system, launched in 2009 by a mysterious creator known only as Satoshi Nakamoto. Bitcoin can be divided into smaller units  (up to 8 decimal places) and used for payments, but it’s also considered a store of value like gold. This is because the price of a single bitcoin has increased considerably since its inception from less than a cent to tens of thousands of dollars. When discussed as a market asset, bitcoin is represented by the ticker symbol BTC. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source, its design is public, nobody owns or controls Bitcoin and everyone can take part.

Bitcoin Mining

A variety of hardware and software can be used to mine Bitcoin. When Bitcoin was first released, it was possible to mine it competitively on a personal computer. However, as it became more popular, more miners joined the network, which lowered the chances of being the one to solve the hash. You can still use your personal computer as a miner if it has newer hardware, but the chances of solving a hash are individually are extremely small.