What is Bitcoin?
1 dollar equals around 70 rupees and 1 bitcoin equal to more than 4,50,000 rupees why.?
in this article, we will go through all the category given below.
- what is bitcoin?
- how does Bitcoin work?
- what is bitcoin mining?
- can we hack bitcoin?
all these questions you have will be answered. so let’s get started
1. what is bitcoin
how rupees work in India and how dollars work in the US. just like that bitcoin work on the internet.
if there is no internet then the bitcoin won’t be in existence.
an article was published by a professor named Satoshi Nakamoto in 2009.
he explains about BITCOIN:- ” a peer-to-peer electronic system”.
how does it work and how mathematically we can use cryptography for the online transaction without any centralized form.
after publishing the article no one knew where he has gon. few say that he is not a person and it is four companies “Samsung, Toshiba, Nakamichi, and Motorola”.
so no one is head of this network. it is an open source
if you are a developer you can also generate bitcoin. and it is a very big community
OK let me explain you in a simple way
how you transfer money from your paytm wallet to your friends paytm wallet. it is just like that, basically, it is a virtual form, which you physically cant fell and touch
How it came to existence:-
let’s take an example, I have brought a stone from somewhere and tells you that it cost rs.10, you will think that I am a fool.
if 100 people say that the same stone cost rs.10 then you will start believing it. the same thing happened in this case
when it was created in 2009, it had no value because it was not a physical form and no one knew the value of it.
but slowly people started believing it and now the entire world after it.
2. How does Bitcoin work?
as I told you before it is like an app that provides a wallet and allows us to send the bitcoin to others wallet
in technical terms: it is called block chain and it uses cryptography technology for the online transaction it has all the transaction of users and it verifies each and every transaction.
all the users have full access to send there own bitcoin to others at any time.
anyone can process the transaction using their own computer. and as a reward, they can earn bitcoin for there service.
3. what is bitcoin mining?
it is a process of using the computer specialized hardware to process the transactions. and in this process bitcoins are collected in exchange.
it can be done from any part of the world and no one has control over it.
this type of transaction is called mining
after the mining process the person will be rewarded with bitcoin.
4. can we hack bitcoin?
cryptography technology is the biggest distributed computer network in the world.
physical cash which is stored in the digital place can be stolen.
similarly, the files that store the private keys can also be stolen or deleted.
but the cryptography and protocol have a very strong security record. and Over the course of the last few years, such security features have quickly developed, such as wallet encryption, offline wallets, and many more.
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