What is Bitcoin, why, how? | Bitcoin

in #bitcoin7 years ago (edited)

 

There is a storm of discussion all over the world, the Bitcoin Digital Currency Writing this article for beginners about Bitcoin.
Bitcoin is a digital Cryptocurrency. Crypto / Cryptography is the way to hide something. For example, when you log in by entering your password on Facebook, it goes from your PC to the Facebook server. But any hacker from the server or the middle of it can see it. So your password is encrypted to solve this problem.
As a result of your encryption, your normal password will be turned into an xB2sXPr8Q3s = aborted writing like 123456.
Facebook has a key, which is called Hash, you can decode your password only with that key, so Facebook will understand you have given the correct password.
Bitcoin is such a way that encrypts the currency, which is currently called Crypto-currency. Although the range is much and if you want to know more about the details, then you can read Wikipedia and Bitcoin's official documents.
Bitcoin is similar to other digital currency like a debit card of Dutch Bangla Bank, money in bKash, digital dollars of PayPal etc. But the main thing is to separate bitkayake with others, and that is ...

Bitcoin has no central bank or foundation

For example, if America controls their country's dollars or develops their networks, there is no central body of cryptococcerns like Bitcoin. Its users control it.
The advantage of this is:
Since there is no central body, so Bitcoin cannot make itself happy or it can not make any rules of use. There is no occupation on the Internet, it has survived all participants, just like Bitakayne.
Disadvantage
There is no central body, all the users have maintained it. If everyone omits Bitcoin together, then there will be no cost. You will not be able to do anything by giving your bitikaze.
Then ...

How does Bitcoin work?

Bitcoin has a public laser (or list). When you download Bitcoin software from Bitcoin's site, you will get a copy of that laser. Well, I have a bitcoin. This bitcoin sent to my friend Meher.
Then my Bitcoin software will use my PC and Internet connection to update the public laser like this:
Bitcoin Address    Debit       Credit       BalanceTamal                      1                                   0Meher                                        1                1My friend Meher will see that updated laser from his side and see that I gave him a bitcoin.
[Although the actual process is much more widespread]
But this is not the end here ...
Another user of the Bitcoin network, DJ, who has verified these transactions. He will use his PC and the internet to match his laser and my laser. When you see that the two are okay, I did not frown anymore, then he would have approved this laser. It is called a confirmation.
The transaction is considered valid after at least 6 conclusions. If there is no such confirmation, the bitcoin will be returned to my account again.
Bitcoin added new blocks every 10 minutes after the network and the system add new bit awake to that network. Because DJ has successfully added my transaction to that block, it will take apart from the new Bitcoin.
Like the DJ who decides Bitcoin transactions by using their computers and the Internet, Bitcoin is called Miner. Miners get a share of mining fees and newly edited Bitcoin as an honor.

There will be a total of 21 million Bitcoins

Bitcoin will support a total of 21 million or 21,000,000 bitcoins in the network.
Due to limited supply, this digital currency has a good demand.
Every 10 minutes the new Bitcoin is added to its system, which is awarded to miners.
The reward or the amount of Reward is estimated to be half after every four years. Initially, 50 new Bitcoin networks were added every 10 minutes. Now it is 12.5
There is currently 16 million Bitcoin in the market.

Until then, if the bitcoin remains, miners will only earn from the transaction fee.
Because of this limited supply, the price of Bitcoin will increase over time. Generally, dollars, pounds, money can be printed by any country, so that the price of the currency drops.
According to this graph, the last bitcoin will be available in approximately 2140, then no new bit country will be available on the network.Google Translate for Business: Translator Toolkit Website Translator

Use of Bitcoin

Bitcoin can be traded for any purpose. It is global so you can deal with anyone in the world.
Generally, it takes time to pay money from one country to other countries, currency convergence is required, and the bank has to pay fees.
There is no need for a third party such as a bank in bitcoin.
To use a bite, you have to make a wallet, which you can install an online or mobile app.
If you wish, you can generate a bitcoin address.
To use Bitcoin, you only need a wallet address and a password.
If someone wants to send you Bitcoin, he will use this address. (You can share this address)

1A7P2uAgL6ZEmK262xgkvQ3KuAYQmd586

Then you want to pass this bitcoin to this address / if you want to spend it, use this password. (Do not share this password!)

Kx5cbaDuwYuqmQEsm6JkBYWVZXUP3akkjt8Xq32Vr6ogjFoseNGX

Bitcoin is Anonymous - you can make money by not saying anything about yourself.
Anyone with your address can see that many transactions have been done but no one will know your name and address.

Bitcoin prices decreased according to their needs. You can use a bit of its cake if you wish.
Like 0.00000001 (1 in Bitcoin 1 million) is called Satoshi Satoshi, which is the lowest unit of Bitcoin.
If the price of bitcoin increases a lot, it can be divided into more tenths.
Apart from online now, you can buy some of the European stores, coffee shops, bittakese bars. The more people are interested in Bitcoin, the more people use it.

How to get Bitcoin?

I do not want to share where you buy Bitcoin, but if you do Google you will get much information.
You can arrange Bitcoin. Work Freelance Online Bitcoin can take payment online by working online.
You can get Bitcoin too. Some websites have those called faucets. They give bitterkaye freebies. They usually give very little bitcoin/satoshi. In exchange, they earn income on their websites by adding ads.
I am providing a few trusted free Bitcoin sites (these are my referral links)
Moon BitcoinBitFunBonus BitcoinMoon LitecoinMoon DogecoinCoinPot (Micro Wallet where your Earnings will be stored)You can take some bitcoins in the fries for 2-3 times a day, and you can have a hands-on experience with how Bitcoin works.
Many people think of Bitcoin Mining. I think bitcoin mining is not possible at least now with your home PC or laptop. Requires enterprise level hardware for this.

Bitcoin storage

If you keep your Bitcoin on an online site or exchange, then there is a possibility of hacking the site. This has happened before, and as a result, you will not get the bitcoin back.
If you keep them on the PC or mobile wallet from the exchange, you can still lose it when the PC / phone format.
That's why it is good to print your wallet's address and password on a paper and keep it in a safe place.

Other coins

There are many alternative coins coming out of Bitcoin. Many of whom have brought better features. Among them are currently Ethiopian Ethereum, LightKenite Litecoin, Dash Dash, Dokkeyen Dogecoin.
Bitcoin where there are other coins better in the disadvantage. As the new generation of Etherum is not just a digital currency, it is also a computer networking platform.
Etherium is currently being considered for the next bitcoin.

My ideas about Bitcoin and other coins

Bitcoin people are dealing with Internet and email. The more people use it, the more value and the demand will be increasing.
We are currently dealing with digital currency such as MasterCard, bKash, PayPal etc, so why not Bitcoin?
In my opinion, Bitcoin and other coins will grow, but other modern coins such as Etherium, Dash and Lightkayen will cross the bitcoin.
The market now has more than 900 cryptococci, of which maybe 20 will survive. In the future, when everyone deals with digital kayas, then the mango crowd will recognize Bitakayakee, as the internet website currently means.COM
Time will tell its future, what do you think?

Bitcoin is going to divide 2

It may be heard that "Bitcoin is possible to deal quickly with a small fee", but now there is a problem with network due to the huge popularity of Bitcoin. Consequently, negotiation takes about half an hour to one hour to confirm and miner fees have increased a lot. If you pay a lower fee it will take a long time to confirm your transaction, or not.
To overcome this problem, miners have suggested upgrading Bitcoin.
A group has accepted this offer and does not believe it. Because of this, on October 1, 2017, Bitcoin has been divided into two parts. Another Bitcoin Cash, an earlier old bite.
If the division is going to change in the world of cryptococcensities, it is time to see that.
I will not write anything else about Bitcoin. I will update this post if I have a new update.
So if you want to know about updates on Bitcoin, then bookmark this page