what-is-bitcoin

What is Bitcoin and Bitcoin Mining

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In every country of the world, the currency has its own name and value, wherever you go, you will get the name of the currency of that country like India’s currency is Rupee and the US dollar is also a currency of America.Similarly, there is also an exchange in the internet which is virtual which everybody wants to know Whose name is Bitcoin.

You must have heard of bitcoin, bitcoin is more popular in today’s time. It is an open payment network where you can exchange international payments i.e money and there are other benefits besides this, so now let’s Know what the bitcoin is, what its benefits, how it works, etc.

So let’s Begin.

What Is Bitcoin.???

Bitcoin is a digital asset and a payment system. It is usually called a decentralized digital currency. It was invented in Satoshi Nakamoto on 2009. This is basically a free software. This means that no person, any company or any country owns Bitcoin, in the same way that there is no owner of internet.

Bitcoin’s system is peer to peer. This means that people can easily transact with each other without any bank, credit card or any company easily. These transactions are verified by network nodes and also recorded in a public distributed accounter called blockchain.

 

How bitcoin values are determined.???

Bitcoins are like any other currency: they keep coming in fluctuations like the value of other currencies. Every time a Bitcoin purchase changes its ownership, and its value is determined on the mutual consent of the seller and the buyer at the time of the exchange. Generally, depending on the rate at which the buyer sells Bitcoins to others. It is the seller’s responsibility to give a reasonable price to it. The difference between bitcoins and other currencies is that there is no centralized bank in it that can print currency and determine prices. There was fluctuations in the value of Bitcoin through supply and demand in transactions.

 

What is Bitcoin Mining.???

Before knowing about the mining, let us tell you that there is a limitation of Currency printing in every country, in the same way there is a limit to making bitcoins, and the limit is that there can not be more than 21 million bitcoins in the market. And just talk about it, there are about 13 million Bitcoin in the market, then the new bitcoin is coming through the mining.

What is Bitcoin Mining? Suppose you have sent some bitcoin to someone, then verify this process of sending and verifying those who are called High Miners who have High Power Computer and Verify Bitcoin Transaction from these computers.

What do Miners Verify? When we take bitcoin from someone, there is no one cheating in it. They get new bitcoins as a reward for verifying. Then there are new bitcoins in the market. If you have a heavy computer then you can also do the mining.

 

Benefits of bitcoin.

  • Bitcoin exchanges low fees.
  • Bitcoin can sell or buy everywhere in the world. without any problems.
  • You can do Long Term Investment in it because the cost of bitcoin is increasing continuously.
  • There is no account block of bitcoin here, as if for some reason the bank blocks our credit or debit card, then the problem is not here.
  • Government does not monitor you in Bitcoin.

Some people also misuse it due to lack of government attention in bitcoin, such as in black money or in drugs, there are some advantages of bitcoin, then there are some disadvantages. So let’s talk about bitcoin disadvantages.

 

Disadvantages of bitcoin.

There is no authority, bank or government to control bitcoin here, due to which there is considerable fluctuation in the cost of bitcoin, it becomes a bit risky.

If your account ever gets hacked then you will lose all your bitcoins and it can not be brought back to it, no one will help you in this.

 

Tell me if you have any questions related to this post in your mind?

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