Bitcoin, Cryptocurrencies, Public chains.- Steemit Crypto Academy Season 4 - Homework Post for Task 5.
I will write the answer of the second question, in which we will discuss about bitcoin and more information related to it.
I have divided bitcoin into parts which we will discuss in turn.
Bitcoin is a currency that is based on a decentralized system rather than working on a centralized system. In this, any send can be done from the account holder to the account holder through the peer to peer system without interfering with any third party. All transactions are verified by cryptography and nodes, and that is recorded in the public ledger is called the blockchain. Bitcoin is not a physical currency. It only stays in the people's ledger and this keeps the entire record. All bitcoins are verified by a massive computing process called mining. Bitcoin is not issued by any bank or central government. Nor is it done by any one individual person. As we all know Bitcoin is also known in the business world by the name of BTC.
On this topic, according to me, the categories are formed I Invented and Why Invented. So, we will discuss in two sub topics and first we put who invented.
No one really knows for sure who invented bitcoin. One name appears to be some of the individuals and groups involved in the release of the bitcoin white paper in 2008 and the inventors that actually released bitcoin in 2009. Who is Satoshi Nakamoto. In the interval of a few years, some people have expressed suspicion of being a real human living human being behind this name, but till 2021, no one has been able to know about this name properly. Adam Back's hairstyle in 1997. And later Wai Dai's money too. And then came Phini's Reusable Proof of Work! Hashcash and Binani are also mentioned in the Bitcoin White Paper. Along with this, there are mentions of many works spread in many areas.
As written in bitcoin white paper. To avoid relying on any third party for money transfer. To transfer our own money to someone else, why should we pay a little money to him by taking the help of a third person. All these things are nonsense and to avoid all this, Satoshi invented bitcoin. There may also be some points below that may have contributed to Satoshi inventing bitcoin. To avoid interference from any third party. Take control of your entire transaction To avoid any unnecessary tax. For fast transaction. To do private transaction of your own free will. I think bitcoin may have been invited as an experiment, and Satoshi could hardly have imagined that bitcoin would be so popular.
Inside a cryptocurrency, there is only one account that is kept public. in order to maintain complete transparency. having bookkeeping is meant to help people know how to play in a correct way, And the risk of double spending is almost eliminated. A ledger is a list of entries in your database such that no one can change it without certain conditions. No one owns Ledger or Cryptocurrency, Whereas it simply means walk, self run, self governed and there can be no interference of any third man.
The process of adding transactions to the bitcoin blockchain is called bitcoin mining. This is a very difficult process. People who want to mind bitcoin are people who go through a process of proof of work. And the computer has to be prepared to solve mathematical puzzles of transactions. The miners who solve the puzzles and support the whole system. Then Bitcoin Code rewards miners with new bitcoins. "So such new coins are formed". And new transactions add up to bitcoin.- says, Okoro Until recently, it was easy to do so that everyone could mine bitcoins. But now it is not easy to do so. Bitcoin code is written in such a way that it becomes more complex over time, To solve the puzzle, more and more computering is required.
Some of the highlights of the bitcoin market cap are below:- But coin (BTC) price- $ 47,778.03 Trading Volume- $ 38,870,624,874.75 Market Rank- #1 Market Cap- $ 899,633,892,109.91 All Time High- $ 64,863.10 All Time Low- $ 65.53
Bitcoin is designed to allow paying people to take advantage of it in a new way. Before knowing more advantages of bitcoin, we should know what is bitcoin. How it was made and why we have discussed all this above. So let's know directly what is its advantage. Compared to fiat currency transactions, bitcoin charges much less fees and gives better processing, ie we have to spend less. The most trusted process for international transfers are bitcoin transactions. Bitcoin transactions have improved a lot after the advent of technology like Lightning Technique. Bitcoin transactions can also be done by a person who does not have any bank account or anything
There is no currency that does not have tech disadvantages. Similarly, bitcoin also has some disadvantages. So we have discussed some of the advantages of bitcoin above. Now let's move on to discos to discuss their disadvantages. Bitcoin is still accepted by some online people. It is not right to rely completely on it in this way. By chance computer's hard drive crashes or a virus corrupts the computer or the wallet file itself gets corrupted, then all our bitcoins will be lost. And there is no way to get bitcoins back without a private key. In such a situation, any person can be a pauper. If a person wants to buy some goods through bitcoin and does not give goods from cities, then nothing can be done in such a situation. In such a situation, only a third party can get your money back. And there is no provision of any third party in this. Bitcoin does not have any physical form so that we can use it at any physical store. To do this, we will be able to do it by converting bitcoin to any other currency, then sending it to someone else and then converting it to physical currency, this is a very long process.
In my view, the 5 points given below are very important.This is important for anyone to know before investing in bitcoin. One should not invest anywhere without knowledge. Let us discuss about these points.
First of all people should insist on taking their bitcoin wallet because after taking bitcoin one stays secure by putting it inside the bed on his bed, any scammer should buy bitcoin and put it in the wallet so that the coin can be safe. Before buying or selling bitcoin in the market, you should know about your target. Because all the decisions in this will be your own. With this you can get maximum profit. It is very important that you stay updated about bitcoin inside the cryptocurrency. You should know all the news about its ups and downs. All people should use in one hardware wallet. This reduces the chances of hacking. It is very secure. It is very important that you do not lose your patience as sometimes it can take a while for bitcoin to give you profits. No one gets rich overnight and self-control so that you can keep your control with the patience and not sell your bitcoins at a loss.
There is still a debate among scholars regarding cryptocurrency. However, bitcoin has made a lot of progress since 2009 and there has been a lot of improvement as well and made a lot of profit. This is the result that you have also come across many cryptocurrencies in the market like Ethereum Litecoin Ripple. Cryptocurrency and bitcoin will play a very important role in a person's life in the coming times so that people will change and change their way of investing. As we all know that everything has some profit. If there is some loss, then we should use it very wisely, as we enter the stock market only after knowing very well. In the same way, we should also step into this by knowing the best crypto currency very well and should not invest money here and there without knowing. Without doing so, we can go into loss. I think I have done all those points. What is needed and what needs to be discussed. And I would like to thank Processor @stream4u, who has explained task in such a good way. He has come on such a big post so that we can understand better.
Professor gives three question and I will answer only one. Because prof. gave us choise. So, I decided to answer the second question.
These questions are as followed.
(2) What Is Bitcoin and what was the Aim Behind Bitcoin Invention? Is Cryptocurrency Good For A Business To accept As Payment? Why?
(3) What Is Public Chain and What will be the Advantages and Disadvantages of Public Chain?
In today's time, very powerful computer and very cheap electricity are needed to man bitcoin.
Bitcoin is not accepted comprehensively:-
lost of wallets:-
No Buyer Protection:-
No Physical Form:-
Bitcoin Wallet:-
Follow Stop-loss Plan:-
Keep updating:-
Protect bitcoins with hardware wallets:-
Patience and self-control:-
Thank you..
