What is the Bitcoin??
Most of the peoples are asking that what is the Bitcoin? First of all, we all have money in our pocket or bank in the physical form. Here is another form of currency available in the world which is Digital currency (Cryptocurrency).
Bitcoin is the other form of currency that is Cryptocurrency. Bitcoin not found physically but exchangeable in all types of physical currency. Simply, In the same way, Dollar is one of physical currency and Bitcoin is the digital currency.
History of Bitcoin:
Bitcoin was introduced in January 2009 by unknown programmers. Bitcoin is the open-source and first block of Bitcoins mining by the Satoshi Nakamoto. He was rewarded by the 50 Bitcoins. In such way, Bitcoin came into existence.
Mining of Bitcoin(Creation):
Bitcoin not generated by any bank or organization. It works on a software or mathematical problems. While the traveling of Bitcoin on the network, network try to solve its mathematical problems due to which its code generate Bitcoin. The network CPU or server holder gets these generated Bitcoins. The most interesting thing is that the total number of Bitcoins which can be generated(Mine) is 21 million.
Units in Bitcoin:
The dollar has cents, In the same way, Bitcoin has Satoshi.Stoshi is the smallest amount in the Bitcoin. A dollar has 100-cents but a Bitcoin has one hundred million Satoshis. Now the new small unit bit is also asses. And a Bitcoin is denoted by BTC.
Working of Bitcoin:
In the other words, we can say that the Bitcoin is the medium of exchange. Which is control by cryptography, that deals with its creation and management. If we have to send some amount we use a medium like a Western union, Paypal, Payoneer etc. Which cut some special amount as commission. But in Bitcoin, the scenario is extremely different. Here no third-party exists if I want to send some amount to anyone I can send it one to one. This will be done by cross check between sender and receiver. The receiver sends a string to the sender(Which is wallet number) on which sender send money in the form of Bitcoin. Which can be exchanged by the receiver in local money.
We hope you got the little bit idea about Bitcoin. For any question, please comment or message. We will thank full for this.
And How you can earn Bitcoin by yourself. Tricks and Tips will be soon here…