is a developing concept all over the world and it is now accepted by many people over the world. Rather than using physical money virtual money has made a massive impact to the world. Due to its power some countries accept cryptocurrency as a payment method for goods. In most of the digital currency services there is no central governance who control the transactions. That has helped people to independently do transactions among their peers with no restrictions. Since there is no physical money printed and free software used there will be no additional cost. Bitcoin is the world first cryptocurrency created in the world. Ever since the introduction of bitcoin it has become the world most secure payment gateway. Use of block chain was introduced with the introduction of Bitcoin. No hacker or any other external source has been able to hack this cryptocurrency channel up to date.so it is a very safe way of currency.
History of Bitcoin
Bitcoin is a very well know form of vartual currency.
Sathoshi Nakamoto introduced Bitcoin to the world way back in 2008. His initial idea was to develop an independent payment system where there is no central governance. This was the world first electronically payment transaction system developed. However, up to date no one does really know who Sathoshi nakamoto is. The decentralized idea in creating Bitcoin was one of the most successful projects ever to be started and survive up to date. Bitcoin is handled by a volunteer codes and functioned by a series of other computer networks. Since there are no limitations many people are attracted to use Bitcoin as their digital currency service. With its limited supply of currency rather than the Fiat currency system (pounds, dollars, yen) Bitcoin is not easy to mine. With its underline algorithm it is not something that we could easily find. It is said that bit coin will trick in to action every hour. It will continue to grow until it hits a limit of 21 Million. The strategy behind bitcoin is its demand and value increases continuously rise while the supply remains the same. In Fiat currency transactions there is a central validator to govern the transaction is a legit transaction. But in digital currency there is no central validator. A transaction is validated by the previous transactions in Bitcoin. It does simply check the authority and the necessary bitcoin with them to execute the transaction. Since it is an open network most of the transaction s are visible for the outsiders. The bad side of this is it will pave the way for the terrorist, criminals and other parities to use Bitcoin as a transaction media for illegal activity. With its immutability feature a transaction of bitcoin cannot be revered or tampered. Since there is no validator to reverse it’s not something possible to do. Bitcoin will change the world of finance in a near future.
Mining of Bitcoin
Everyone wants to earn money as well as virtual currency such as Bitcoins.This is an important feature that is available with Bit coin and other cryptocurrency types. You will need heavy duty machine power in order to mine bitcoin. Bitcoin algorithm itself is complicated for everyone to mine Bitcoin. In order to get validated as a legit mining proof of work should be clearly visible. This is verified by others in the network each time they receive a block. It stand out as the best cryptocurrency service they use tamper resistance techniques. New coins could be found using mining. Miners are payed a transaction fee and incentives for mining. so Happy Mining...
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