What is Bitcoin? why is it Trending on the internet?
What is Bitcoin? Today we are Going to Learn about Bitcoins and it uses. Bitcoin is a form of Digital Currency Created by Programmer Named Satoshi Nakamoto, As a peer to peer Network in which Electronic Digital Cash Flows, In which it only can be created and held Electronically Only. A First Decentralized network with no central authority or middlemen. These transactions are verified by network nodes and recorded in a public distributed ledger called the Blockchain making first of his Kind.
It is not Printed or created like our Paper cash Notes, So You might Think Then How it is Created? The answer to this is that it is produced by people using Computers Software that solves mathematical problems which Bitcoin has implemented in it to run a process called mining. It is an Open Source Code Which Everyone Can look into the Code Structure and be released in January 2009. Bitcoins is a Electronic cash, Thus User’s can Generate there own Bitcoins address as Similar to a bank account number so has to save or hold bitcoins for goods and services in an exchange.
Let’s Digg a little Deep in Bitcoin?
Bitcoin Often called BTC in short. Every bitcoin is divisible to 8th Decimal place so each BTC will break down into 100,000,000 units. Every Unit of Bitcoin(BTC) or 0.00000001 bitcoin is named Satoshi and it is the smallest unit of bitcoin.
Let’s learn how it works?
Bitcoins: Every Bitcoin address has a Unique Private Key which contains a secret piece of data, which helps in transacting and sending bitcoins to other bitcoin address, Also provide’s mathematical proof that they come from the owner of the wallet.
Note:- Private key(also known as a secret key) is always to be kept in a Safeplace, It should not be shared with other persons as Private key are like password and will grant Full access or control to your Bitcoins. If by any means You lost your Private key you can never recover your bitcoins.
A Bitcoin Address begin’s with the number 1 or 3 containing an identifier of 26-35 alphanumeric characters. Please note that you the Bitcoin address and private key you see below are Case-sensitive. Look for an Example Below:(Please don’t use this bitcoin address as it is just an example for you):-
1BBQsz4wRnXPSUF6ZDF55XpuWYNWGDGAyr – This is bitcoin address or unique ID.
KzXhfBVCE7J87gG8Y2JpsnGzzFKdTcwVjjHEjAPE6cauD7FrQyg3 – This is the Secret Key, Private key or the password for spending it.
Bitcoins Holds a Market value which now is Traded in most exchanges for cash or services.Bitcoins now are created in mining pools which contains Special ASIC (application-specific integrated circuit) built-in Computers in large numbers and requires Huge Power. Bitcoin Market Value has seen it reached peak rate above 2000 US Dollars in a trade where people Buy and Sell Bitcoins for there need or to get profit in Trade Exchanges.
Bitcoin Apps are Available on the internet.
App makers on demand increasing by Startup Entrepreneurs. Apps Based on BTC as developed gradually are increasing day by day from Startups, Advertising networks to payment gateway as merchants and vendors accept bitcoin as payment as fees are lower than a credit card processing company.Bitcoin technology uses Cryptography which is a method of storing and transmitting data in a particular form so that only those for whom it is intended can read and process it which is Secure in current tech world Today.
Bitcoins are Rapidly transforming people’s way of payment.
For Beginners – Can start owning wallet which can hold bitcoins and can generate Addresses and Private Key With the help of Popular Online Services like Blockchain.info, Xapo.com, Coinbase.com and many more which are easy as signing up an Email. Do I have to Mine to Get Bitcoins? The answer is No because at current time Bitcoin mining Difficulty rate is more where normal computer cannot mine bitcoins, If you are willing to mine you should have large numbers of bitcoin ASIC mining machines which consume More Electricity and should require a major percentage of mining Hash speed of all mining pools so as to compete.
New to bitcoins Want to Experience it…Read below..!!
Then How to get Bitcoins? The answer to this is that there are many Free bitcoins faucet websites where you can get free satoshis like Freebitco.in etc where you test or try how a bitcoin works or can sell it for real money Or you can buy bitcoins at Xapo.com, Coinbase.com and at more Trade exchanges sites. Also, it’s important to see the fees structure of the wallet service provider. Or you have to buy ASIC mining hardware to mine to get bitcoins to your bitcoin address.
Bitcoins can be Exchanged with your country currency in a Trade Market like Localbitcoins.com
Do You Know that you can store bitcoins totally safe in hardware wallets? Yes, you can. based on the robust safety features for storing cryptographic assets and securing digital payments. It connects to any computer (USB) and is completely private. You can use secret words to quickly regain access to all your keys, money, history, accounts & emails.There are three most trusted hardware wallets like Ledger Nano S, Trezor, and keep-key wallet.
Quote of the Day:- All of us know Future is always Digital.