What is Bitcoin, how it works and Important things to know about Bitcoin

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What is Bitcoin,important things to know about bitcoin
What are Bitcoin, important things to know about bitcoin

 

Hello, This is a very useful post for all of you who are interested in the Internet world, because in this post we will know what is Bitcoin. Without any other discussion, let me tell you quickly what Bitcoin is and how it works.

What is Bitcoin?

Bitcoin is a digital asset and a payment system. It is usually called a decentralized digital currency Like other currencies such as rupee, dollar, etc. Bitcoin is also a digital currency. This is very different from the other currencies because neither we can see Bitcoin nor we can touch it like money. We can store Bitcoin only in the online wallet. It was invented by Satoshi Nakamoto in 2009. This is basically free software. Bitcoin is a decentralized currency, which means that there is no bank or authority or government to control it, i.e. no one owns it. Anyone can use Bitcoin as if we use all the internet and there is no owner of it, just like Bitcoin is there.

What is the use of Bitcoin?

Bitcoin can be used for online payment or any kind of transaction. It works on peer to peer network which means that people can easily transact with each other without any bank, credit card or any company easily. Bitcoin is considered to be the fastest and efficient to use in transactions. Many people are adopting Bitcoin today, such as online developers, entrepreneurs, non-profit organizations, etc. And due to this, bitcoin is being used worldwide for global payments.

As we do online transactions using other currencies, we have to follow the bank’s payment process, we can pay by banking system and every transaction we make is present in our bank account so that they can be traced Where and how much money has been spent, but Bitcoin does not have any boss, so the transactions done with Bitcoin are recorded in a public ledger which is called bitcoin “blockchain”. All transactions done with bitcoin are stored there and the same blockchain is the proof that the transaction is done or not.

What is the value of Bitcoin?

Bitcoin’s value is about $ 6300 today, meaning a Bitcoin’s value is 435,000. Bitcoin’s value continues to be more or less because there is no authority to control it, so its value varies according to its demand.

What is Bitcoin Mining?

Like anybody can join the internet, any human can help in recording and verifying the payment in the blockchain. This process is given the name of mining itself. By mining basically, people offer computing power, those people are called miners and miners are given a new Bitcoin reward. Right now every miner gets 12.5 bitcoins in every ten minutes, which is a huge amount. It changes and the next change will be soon.

What are the Benefits to Using Bitcoin?

1. Your transaction fee is much less than the fee of credit card and debit card transactions.

2. you can send Bitcoin anywhere in the world and without any hassle.

3. If you want to invest in bitcoin for long term, you can get a lot of money from it because it has been seen in the record that the price of bitcoin is growing which is going on the moon.

What is the loss of using Bitcoin?

1. There is no authority, bank or government to control bitcoin here, due to which there is considerable fluctuation in the price of bitcoin, it becomes a bit risky.

2. If your account ever gets hacked then you will lose all your bitcoins and it can not be brought back to it, no one will help you in this.

 

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