Bitcoin
Bitcoin is a cryptocurrency that is using world
widely. It is an online payment system and the first decentralized digital
currency, which means in this the system, works without the central banks,
This
is the currency that have no physical appearance but is highest valued currency
unit in the world.
Cryptocurrency
A cryptocurrency is a digital asset designed to
work as a medium of exchange that uses cryptography to secure its transactions,
to control the creation of different units, and to verify the transfer of
assets.
History and Evaluation of Bitcoin
In 2008 a paper called peer to
peer electronic cash system was posted by a person from Japan. His name was Santoshi
Nakamoto. The paper of such electronic cash system was in list of discussions
on cryptography at that time. On 18th august 2008 the domain name of
this peer to peer electronic cash system was registered on Bitcoin.org by
Santoshi Nakamoto.
In the starting of 2009 the
network of Bitcoin came into existence and the first Bitcoin was mined by
Santoshi Nakamoto which have no value at that time there was a notable
transaction of Bitcoin at that time a person used 10,000 BTC to buy two pizza’s
indirectly using the digital currency.
In year of 2010 the exchange
market for Bitcoin has been established named BitcoinMarket.com at that the
value of a single Bitcoin was 0.003$ the time when this came into operation
practically. In the middle of 2010 the value of one BTC rises 900% in few days
rising from 0.008$ to 0.8$. After this the value of BTC keep on increasing up
till the middle of 2011 it reaches 31$ and then it keep on increasing and after
two years its value reaches 266$ but In the middle of 2013 its value decreases
due to some market issues after that in November 2013 its value boosted and it
reaches approximate 1200$. The value of BTC keeps on increasing and its market
is emerging day by day today the value of BTC is 13,800$. It was 18,000$ a
month before but due to some problems in blockchain (the crypto currency chain)
its value falls down but it is expected that the value of BTC will be 30,000$
in next few months.
Mining of Bitcoin
Bitcoin Mining is a peer-to-peer computer process used to secure and verify
bitcoin transactions payments from one user to another on a decentralized
network. Mining involves adding bitcoin transaction data to Bitcoin's global
public ledger of past transactions. Each group of transactions is called a
block. Blocks are secured by Bitcoin miners and build on top of each other
forming a chain. This ledger of past transactions is called the blockchain. The
blockchain serves to confirm transactions to the rest of the network as having
taken place. Bitcoin nodes use the blockchain to distinguish legitimate Bitcoin
transactions from attempts to re-spend coins that have already been spent
elsewhere.
Legality of Bitcoin
Bitcoin is legal in
most authority/administration in the world but there are small number nation
states that have banned its use, such as Ecuador. Wikipedia has a great guide
on how Bitcoin is treated in all the countries around the world and explains
regulatory policies surrounding it. Regulations vary from one border to the
next so you should always research your location’s laws before participating in
the network. Bitcoin is the most emerging power in the future that will be a
super currency very soon.
Bitcoin Fork
Bitcoin is split into two different currencies which are
generally branches of bitcoin and works with the same scenario as the bitcoin
do. These forks are created just to maintain the market of bitcoin alive as we
have known the mining of bitcoin is limited and will be stopped after sometime and
then no bitcoin will mined after that, so for keeping the mining of BTC tree
alive the owners have created these other currencies with the same name but
different last names.
1. Bitcoin Cash 2. Bitcoin Gold
Bitcoin Economy
Bitcoin is a digital cryptocurrency
that helps the people for different transactions and payments in a decentralized
peer to peer networking system which is running through a powerful economic system
of its users and developers, In such currency there is no authority to any
other person to use someone else assets.
A user will generate a code that is called token to transfer a bitcoin or some value
of it into someone else by using its computer or mobile.
The economy of bitcoin is emerging
day by day as its demand ratio is quite greater than its supply that’s why the
market value of a single bitcoin Is now in million rupees in our country. The market
value of a bitcoin is also influencing the international exchange that’s why
the value of bitcoin is increasing that of the value of dollar. The value of
bitcoin remains same in any part of the globe that’s why its demand is this
enough increased because people needs a currency on which no exchange rates
applies on at any continent of the world.
Cryptocurrency Exchange
Cryptocurrency exchanges or digital exchanges
are businesses platforms that allow customers to trade in crypto currencies
like bitcoin for other assets, such as conventional fiat money, or different
digital currencies and costumers can easily buy and sell their crypto currencies
like bitcoin here. In such exchange people can also invest in the value
of bitcoin as if they cannot buy the overall bitcoin and can earn money through
trading.
