what is Bitcoin ? – bitcoin definition in simple word
In a simple word if a normal person need to understand about the Bitcoin then we can explain that It’s a digital currency and totally different from real currency in other words we can’t touch neither feel this currency.
When a person need to buy anything, he uses money to get the thing and money can be transferred to the Seller via cash or through credit card or debit card . Likewise bitcoin gives a facility to a payment system worldwide. what is bitcoin is the most searched term on google in 2017.
It is the first decentralized currency introduced ever on the planet Earth. The system works without a central repository or single administrator. While cash is deposited in a bank and being regulated by the central bank of the particular country. The bitcoin is created and stored electronically.
To create cash government need to deposit a value equal to the money in gold with World Bank but in the case of Bitcoin it is created as a reward for a process known as mining.
They can be exchanged for other currencies products and services. Approx 1 lakh merchants and vendors have accepted the payment through Bitcoin till 2015.
The denomination ofBitcoin: –
- milli Bitcoin = (1/1000) and
- santoshi = (1/100million)
10 facts of Bitcoin :-
- Bitcoin has volatility 7 times greater than gold 8 times greater than s &p 500, and 18 times greater than US dollar.
- Creation of Bitcoins required vast amount of energy, this activity has consumed as much electric power as entire countries the size of Ireland denmark or Morocco.
- Since the traceability of bitcoin holder is very difficult, demand in black market has increased enormously.
- Song economist and journalist have voiced concerns that Bitcoin is a ponzi scheme.
- Several light hearted songs celebrating Bitcoin have been released so far.
- World’s first Bitcoin transaction was 10 Bitcoins been received by Hal Finney from Satoshi Nakamoto.
- Value of first Bitcoin that is 10000 BTC was equal to two Papa John’s Pizza.
- Creator of Bitcoin santoshi nakamoto disappeared after mining 1 million Bitcoins .
- No one has came to know about who was satoshi nakamoto, it’s a mystery till date .
- Currently Gavin anderson is the lead developer of bitcoin at the Bitcoin Foundation.
How bitcoin works – the transaction process:-
- · Create a wallet at block chain called Bitcoin wallet address (bitcoin is stored here)
- · Sender Enter the receiving bitcoin address of the receiver
- · Sender Type the desired amount
- · Sender sends the bitcoin
- · Receiver receive the bitcoin in his block chain address
Bitcoin is the future of currency?? is it so….
First of all a little introduction about the bitcoin. Bitcoin is the first cryptocurrency on planet earth . Its a virtual currency , means its a total digital coin. first of all it w as introduced in 2009 to the world.
Its a decentralized currency , there is no banks and any regulatory authority of this cryptocurrency .
Bitcoin the mysterious creator : –
The Domain name Bitcoin.org was registered on 18th Aug 2008. A link to a paper authorized by a person naming Satoshi Nakamoto titled Bitcoin was posted to a cryptography mailing list.
Till date the nkamoto is unindentified and untraced. many people have claimed to know him , as well as many people claimed himslef to be a Nakamoto , but failed to produce the real proof which can confirm the indentity of the person.
So, the mystry remain unsloved about the creator . no one knows whether the Satoshi Nakamoto is an individual person or a group of developer.
what is bitcoin mining
how to get bitcoins
what is bitcoin in hindi
bitcoin sign up