Cryptocurrency wiki | What is Bitcoin | mining | worth | How it work ?
Bitcoin is also known as digital currency. Either way, it is a form of digital public money that is created by painstaking mathematical computations and secured by millions of Internet users called ‘miners’.
Physically, there is nothing to hold all you have is digital.
Bitcoins are also called as cryptocurrency and this currency is just lines of computer code that hold monetary value. Those lines of code are created by electricity and high-performance computer systems.
What is Bitcoin & cryptocurrency ?
Bitcoin was the first digital currency ever invented and it is a kind of Software Program. No one knows exactly who created it – bitcoins are designed for maximum anonymity – but bitcoins first appeared in 2009 from a developer supposedly named Satoshi Nakamoto.
One of the advantages of Bitcoin is that it can be stored offline on a person’s local hardware sytem. That process is called cold storage and it protects the currency from being taken by others.
When the currency is stored on the internet somewhere (hot storage), there is high risk of it being stolen.
On the other side, if a person his hardware containing these bitcoins, the currency is simply gone forever.
What is bitcoin or cryptocurrency mining ?
Bitcoin mining is a term used to tell the processing and confirmation of payments on the Bitcoin network. It is the process under which the transaction information distributed within the Bitcoin network and it is validated and stored on the blockchain.
How bitcoin works ? & How it works generally ?
People send bitcoins to each other over the bitcoin network all the time, but unless someone keeps a record of all these transactions, no-one would be able to keep track of who had paid what.
The bitcoin network deals with this by collecting all of the transactions made during a set period into a list, called a block. It’s the miners’ job to confirm those transactions, and write them into a general ledger.
Bitcoins enable making transactions without going through the banks.
Added feature of Bitcoin is it allows the transactions to happen without any fees and also without submitting the real names.
Bitcoins make international or National Payment transactions very easy and cheap as Bitcoin is free from all the country rules and regulations that means government can’t interfere or take a control over it.
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