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Bitcoins (BTC)

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Posted on:    03 Jan, 2018       Views:  1238

Why to Buy Bitcoin?

what is bitcoin and how its work ?

Bitcoin is a decentralized digital currency. This is the first decentralized digital currency, which means that it is not operated by any central bank. This is designed to pay based on computer networking. It has been developed by an engineer named Satoshi Chimoto. This is the pseudonym of Satoshi. This is a new currency protected by encryption for mutual payment on mass computer networks. This currency made with a numerical system is kept in numeric purses only. It started on January 3, 2009. This is the world's first fully open payment mechanism. There are more than 10 million bitcoins in the world. Bitcoin is a virtual currency, The virtual meaning is that it is not a physical form like other currency, it is a digital currency. It's a currency that you can neither see nor touch. It is only an electronic store. If someone has a bitcoin, then he can buy goods like a common currency.
Bitcoin is currently becoming popular in the world. It was invented by Satoshi Nagamoto, an engineer in 2008, and was released in 2009 as an open source software. At present, people are buying business at low prices by buying bitcoins and selling them at high prices. There is a transaction fee of about two to three percent for paying by common debit / credit card, but nothing happens in bitcoin. There is no extra charge in this transaction, due to this it is also becoming popular. Apart from this, it is safe and fast that people are encouraged to accept bitcoin. Like any other credit card, it does not have any credit limit nor there is a problem of carrying cash. Without the disclosure of the buyer's identity, each transaction of the entire bitcoin network can be known. It is absolutely safe and super fast and it works anywhere in the world and there is no limit to it.


Why to buy bitcoin ?

There are hundreds of thousands of website companies that accept BitCoin. You can also pay for a plane ticket, hotel room, electronics, car, coffee and anything else. Every year, $ 1 to $ 1 million in the world goes away from here. Anyway, we take the help of banks and many companies to take money, all these companies take extra money to reach the money we send to our people and we have to rely on them.
Western Union, Money Village and other companies like them are in need of help, but there is no clearance to get this facility. Even today many people do not have banking facilities, but there are more people who have cell phones with internet and can not do business through internet. But now it can do this because of bitcoin because bitcoin has no ownership of any particular government or company.There is no Centralized Controling Authority on Bitcoin Currency. Bitcoin is quite famous today. This power is met with thousands of people who have a special computer that builds power on the network, secures exchange on the net and examines the transaction. This is called mining.


Bitcoin mining:
The mingling of the common language is that the removal of mineral by excavation such as mining of gold coal etc. is because there is no physical form of bitcoin, otherwise its mining can not be done in a conventional way, its construction of a mining matlove bitcoin Which is possible only on a computer, that is how to make bitcoin. How to make new bitcoin is called bitcoin mining. Bitcoin mining means a process in which transaction transaction is processed using computing power, the network is kept secure, network is also synchronized, it is like a bit computer center, but it is the centralized system So that the miners that are located around the world are minerus so which acts as mining, which means that Do not make a single quartet, the person alone can not control the mining.The success of bitcoin bitcoin mining is achieved by the process of processing the transaction, it is bitcoin.
Bitcoin Minoras is an especial hardware for mining or a powerful computer that requires faster processing of brochure mining software. Minoras need to get transaction fees if they are conjugating the transaction.This transaction fee is only in the form of bitcoin. A new transaction has to be added to the block to confirm it has a mathematical system with it to solve it, which is very difficult to confirm which is to be proved. You will have to make millions of calculations per second, only after that the transaction will be confirmed. As the Minoras joins this network, they will be more difficult to find the empty blocks for mining.

The mining work is done by people who have special calculating computers and the proper ability to calculate, if not so, the minerus will only spend electricity and waste its time. The main purpose of mining of bitcoin is to secure the bitcoin node and keep the network away from tampering. At present it has become a much more valuable currency than all the physical currency. Bitcoin address is used for the transaction of bitcoin. Anyone can make their fertilizer in block chain and transact the bitcoin through it. The smallest number of bitcoin is called satoshi. There are 10 million satoshi in a bitcoin. That is 0.00000001 BTC is called a Satoshi.

Warning:
On December 24, 2013, a press release was issued in relation to virtual currencies like Bitcoin by the Reserve Bank of India. It was said that no official permission has been given for transactions in these currencies and there is a risk at many levels in the transaction. The Reserve Bank has again called it on 1 February 2017 and on 5 December 2017. Caution was issued in.

Criticism:
Bitcoin has been declared a Ponzi scheme by many economists.


Energy Consumption:
It has also been criticized due to electricity used in mining of bitcoin. The operating transaction of a bitcoin is estimated to be 300 kWh of electricity, which is equivalent to the energy used to heat water in 36,000 cattles.


How does Bitcoin work?
This question often causes confusion and stir. Here's a quick description! Basics for new users As a new user, without understanding the technical information you can get started Bitcoin If you install Bitcoin wallet on your computer or mobile phone, this will generate your first Bitcoin address and you can create more when you need it. You can tell your friends your address so that you can pay them or they can pay you. In fact, it works like email, the difference is that the address can be used only once.

Balance - Block series
The block chain shares the public share book on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. In this way, Bitcoin Wallet can calculate the amount that can be spent and new transactions can be verified to know how many bitcoins are actually owned by the expense maker. 

Transaction - private key
Transactions are the transfer of value between bitcoin wallets, which are joined in the block chain. Bitcoin Wallet keeps secret data which is called private key or seed which is used to sign the transaction, giving evidence that it has come from the owner's wallet.Once the transaction is issued, the transaction prevents it from being replaced by anyone. All transactions are transmitted between users and within 10 minutes the confirmation begins within the network, through the process called mining.


Processing - Mining
Mining / Mining is a Distributed Compatibility System which, by confirming the canceled transaction, involves them in the Block Chain. It imposes orderly orders in block chains, protects the neutrality of the network, and allows various computers to agree on system state. Transaction must be packed to confirm Those that fit very strict cryptographic rules and will be verified by that network. These rules prevent previous blocks from being modified because doing so will block all the following blocks. Mines compete with the competitive lottery that prevents any person from easily connecting the new block to the syllabus in the block series.
In this way, no one can control what is included in the block series, or change the place of parts of the block chain to roll back its own expense.

See thumbnails
This is just a very short and concise summary of this system. If you want to get detailed information, read the original paper which describes the design of this system, 



    
 

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