What Is Bitcoin ? What is Bitcoin Mining ?
Sooner or later, we all have used Rupee, Dollar, Pound or euros for buying goods or anything. That all are Traditional or printed currency. Centralized Authority(Group of People) decides the value of this money. But what if I told you that there is digital money with help of that you can buy good and that is Decentralized. Yes, you think Right, It is Bitcoin.
What Is Bitcoin ??
Bitcoin is a cryptocurrency or digital currency that uses for online transactions between individuals. Bitcoin is a worldwide payment system. It is the first decentralized digital currency, as no single institution controls the bitcoin network.
In 2009, the bitcoin is starting by Satoshi Nakamoto. The value of bitcoin is change frequently. There are Total 21 million Bitcoins will be in existence only.
Each bitcoin (1 BTC) can have a fractional part of up to 8 digits so 1 bitcoin can be divided into 100 000 000 units. Each of these bitcoin units (0.00000001 BTC) is called a satoshi. A Satoshi is the smallest unit in a bitcoin.
1 Satoshi = 0.00000001 BTC 1 BTC = 100 000 000 Satoshi
well, you can get bitcoins by many ways. Best way to get bitcoins is to buy with money. you can also sell your good and Services to get the bitcoin. you can also mine Bitcoins. now let’s talk about bitcoin mining.
Bitcoin Mining is a peer-to-peer computer process used to secure and verify bitcoin transactions. With every transaction of bitcoin, it attached with math problems. Bitcoin miners have one or more Sytems that try to solve the math problem.
If math problem was solved by them first then miner gets the little part of bitcoin as the reword prize and person completed its transaction else its transaction won’t completed. Yes, it is the miner who verifies our transaction and provides security to the transaction. every record of transactions is publicly available that can show all users.
There are many ways to store bitcoins. you can store it on your computer, your hard-drive or in could are also called the wallet. You can also exchange bitcoin with money.
Advantages of bitcoins:-
- you can transfer bitcoin from person to person via the internet.
- you can use it in every country.
- Bitcoin account cannot freeze.
- The fees for the transaction is much lower.
- in Bitcoin, sales taxes not add to any purchases.
well, the Bitcoin is not stable currency and not acceptable to all place. investing in bitcoin are the risk because the value of bitcoin is frequently changing. but if you think about starting the business online then bitcoin will help you.