Friday, 29 June 2018

What Is Bitcoin ?? How It Works ??

It was invented by Satoshi Nakamoto in 2009. It is a type of  Cryptocurrency, otherwise called as decentralised Digital currency which uses rules of cryptography for regulation & generation of units of currency. It is in the form of electronic cash.The whole bitcoin system works without a central bank or single administrator.

For more info go to
How It Works??
Without any need for intermediaries, Bitcoins are sent from user to user on the peer to peer bitcoin network directly. These transactions are verified through cryptography by network nodes & recorded in a public distributed ledger called a blockchain.

These Bitcoins are completely virtual coins designed to be self contained for their value. You can use your Bitcoins to purchase goods and services online. Many people store their bitcoins for long time and hope that their value increases over the years.

The supply of Bitcoins are tightly controlled by the underlying algorithm. A small number of new bitcoins are tickle out every hour, & the supply limit of these bitcoins are 21000000. According to a report there were 3 to 6 million unique users using a cryptocurrency wallet & among these most of using bitcoin. The ticker symbols of bitcoins are BTC & XBT.

How To Get Bitcoin??
You can get bitcoin in many ways like if you want to sell any products and want bitcoin in return then you can do it. In other way you can get bitcoin in exchange of your currency. Simply you can buy a bitcoin in exchange of cash and it will be store digitally. Then it is your risk because sometimes the value of bitcoin in compare to other currencies increase or decrease. So when the value of bitcoin increases then you can sell it with return of cash.

The other way which is the main way by which many users get interested is the bitcoin mining. Yes, bitcoin mining is the best way to earn more bitcoins. As you know for selling or buying any products in online and for any online transactions there is a verification needed. Likely for bitcoin selling or buying there is also a verification needed. For the verification, in every bitcoin transaction there are some math problems attached for solve. So many users try to solve that problems to verify the transaction. For the solving of problems the users get some bitcoins as reward. So that many users get interested to do this bitcoin mining.

For the bitcoin mining the users need a powerful computer, high capable GPU and an ASIC which is known as Application Specific Integrated Circuit. By which they can able to do the bitcoin mining.     

No comments:

Post a comment

Comments only for Spam and backlinks will not be publish. So, comment here only to share your thoughts about our post !!