Saturday, February 1, 2020

what is bitcoin, how bitcoin works BTC-

what is bitcoin, how bitcoin works- BTC

what is bitcoin
what is bitcoin

Bitcoin is a cryptocurrency of the Internet, which has existed for many years. Many people have questions about Bitcoin. What is Bitcoin, where does Bitcoin come from? Is Bitcoin Illegal? How to get bitcoins? Today we will talk about Bitcoins. So let's get started.

what is bitcoin, how bitcoin works

Do you want to know what Bitcoin is? Then you've come to the right place. Today I will tell you what Bitcoin is, how to earn Bitcoin.

what is Bitcoin?

Bitcoin is known as digital currency or cryptocurrency. Bitcoin is a form of digital currency. These managers are called miners. The government has no control over the currency. That's why it's so popular with hackers and cellars on the Darkweb. Bitcoin is not illegal. BTC has not yet been banned in any country. For a Bitcoin transaction, both the customer and the subscriber have to trust the third party. The miners work here as a third party.

Bitcoin value

It is not yet known exactly who discovered BTC. On October 23, a person Satoshi Nakamoto published the results of a study using the pseudonym on the Internet. The study was titled "BTC- bitcoin: A Peer-to-Peer Electronic Cash System". In this study, he gives ideas on how to transact in any part of the world without the help of a bank or intermediary. This method explains the possibility of sending money directly from one user to another.

The first Bitcoin market to launch on January 28, with his research handy. Satoshi Nakamoto first created software for Bitcoin Mining. According to his pseudonym, BTC unit was named Satoshi. 100000000 (10 million) satoshi equal to 1 BTC.

How Bitcoin works?

Bitcoin is a virtual currency entirely. It can save on its own value, not for the need of a bank or any other organization to save Bitcoin. Bitcoin behaves like gold. Like gold, it increases its value and can be exchanged at any time. If Bitcoin is saved in the future, then it is possible to make a lot of money by selling it. But the Bitcoin price does not always increase, but sometimes the Bitcoin price decreases.

Bitcoin is operated through blockchain. The blockchain is usually a ledger. Blockchain is different for each user and his or her personal Bitcoin wallet. All Bitcoin transactions are recorded in a public account as proof of transaction. This process helps protect people from Bitcoin fraud. Bitcoin is written in the digital wallet by wallet name, not a personal name. That means that the Bitcoin transaction can be done (anonymously) by hiding the entire identity. Although no one else will be able to easily see your personal identity, they will be able to see the transaction history of your Bitcoin wallet.

When a Bitcoin is sent to a Bitcoin wallet, it is pending for modification. If a minor does not approve the transaction, the bitcoin will not reach the other side's wallet. Minor has to pay some Satoshi for this modification. Anyone who has a strong computer can be a bitcoin miner.

The common currency is controlled by the government of the country. Whenever needed they produce new coins. Bitcoin has no specific rules like this. But there is a limit to making Bitcoin. After the total Bitcoin reached 20 million worldwide, the production of Bitcoin will stop automatically. If the amount of bitcoin is too high then its price will fall

1 BTC to USD

The market Bitcoin price USD is rising steadily. At the beginning of 2016, the bitcoin price usd was only 1000$. But on 10 November 2017, the Bitcoin price was $ 7266.3. Which is much higher than expected. Bitcoin value is likely to increase further in the future. Bitcoin is currently a very popular trading system. Research from the University of Cambridge has shown that around 2.9 to 5.7 million users are using bitcoin regularly.

Bitcoin USD

Advantages of bitcoin

  1. The government has no control over the transactions.
  2. No need to contact any bank afterward.
  3. The identity of the transaction is secret.
  4. It is possible to get Bitcoin money anywhere in a short time.
  5. The sale can be sold at a higher Bitcoin price later.

 Disadvantages of Bitcoin:

  1. Minor transactions take a long time to approve.
  2. Occasionally, illegal activities are used.
  3. If there is no service then its value is no longer refundable.
  4. If the Bitcoin wallet is destroyed, it is no longer available.
  5. Market prices are volatile.
Many people are now earn bitcoin online. There are many websites to earn Bitcoin, but on most websites, customers are deceived. The most reliable source of Bitcoin earnings is to work as a miner. Bitcoin can be easily paid through many websites or to raise money. But before the consolation, the site will see how much the site is reliable.

So as it is today. If you have any questions you can comment. See you on another topic

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