Wednesday, February 28

what is Bitcoin ? how it works ?

Bitcoin is a type of a digital currency. you can trade it online through electronic system. it's a currency that is safe in your account as a type of program, not in the form of coins or notes. Bitcoin was created by a programmer named 'SATOSHI NAKAMOTO in 2009. but who is satoshi nakamoto nobody know till date.

today we will know how it works and why its getting popular. so let's begin....

how Bitcoin works??

suppose you have a bank account and you have money in your account. now you can transfer money through online internet banking and you can shop online, bill payments in this method your money sent through different channels to the recipient.
but In the case of Bitcoin, instead of the account, there is a Bitcoin address which is 24 to 27 characters.
(Remember that : Bitcoin can't be used as a hard cash because it's completely digital and virtual currency.) you can also transfer it to your bank account. if you sends Bitcoin to someone it will directly credited in the account you want to send without the address.

why is Bitcoin so popular ?

Bitcoin is very popular because of the increasing value of it. eg:: if the production of any goods is in a limited quantity and the demand for that product is very high in the market than obviously the value of the product will increase. a similar rules applies in Bitcoin. Bitcoin has done such a programe that when 21 million bitcoins are made, they will automatically stop becoming. and those already in prevalence will be left in the same Bitcoin circulation.
now, if you thinking that.. Bitcoin remains yourself or it is just a program than it can be hacked anytime ! noo, you are thinking wrong because only if you have Bitcoin than you can spend it, you can't make it because these are just generated by mining and they are also small amounts like 0.00001 Bitcoin and these small satoshi together becomes a Bitcoin.

what is Bitcoin mining ?

Bitcoin is formed by mining. For the mining of Bitcoin, we need a computer with good processor. when people transact Bitcoin each others there are some mathematical problems to confirm and secure that transition which have to be solvable. after solving this problem, Bitcoin is generated.

Bitcoin has been banned in many countries nowaday and it is considered illegal but still many people have earning by investing on Bitcoin.

for being here..