S4B Crypto Contest - Season 01
Assalam O Alaikum |
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Hello dear friends! Well come to my post. How are you all? I hope you will be doing well by the grace of Almighty Allah. I'm also fine and enjoying my day. Today I'm here to participate in this amazing contest which is organized by @waqarahmadshah in this Steem4bloggers community. The topic of this contest is "S4B Crypto Contest - Season 01". So let's start without any more delay of time.
What is Bitcoin and how it is different from regular money? |
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Friends the Bitcoin is a digital currency which was created in 2009 which works on the basis of decentralized Blockchain technology which means that there is no any central authority involve in its transaction. The main difference between the Bitcoin and regular currencies is that the Bitcoin is a virtual currency which is present in a digital form while the other currencies are present in the form of paper notes and in the form of sliver coins also. In addition, the storage and transactions of fiat currencies required a banking system while the Bitcoin is independent to any banking system.
We can store Bitcoin in any of digital wallet or in decentralized exchanges such as binance, Coinbase and OKX exchange. Through these exchanges and digital wallets we can send our bitcoins to any desired person. Thus we can transfer our bitcoins anywhere in the world using the digital wallets. Also the Bitcoin is very useful in doing cross border transaction without the involvement of government and any banking system. These are some differences between Bitcoin and other regular currencies.
What is Blockchain and how does it relate to Bitcoin? |
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Yes if we talk about the Blockchain technology so we can say that the Blockchain is a decentralized system of distributed ledgers which record all the transaction within the network and all these transactions are visible to everyone. The Blockchain is consist of a bundle of different blocks and each block is interlinked with the pre existing block. Also the Blockchain ensure that the transaction within the Blockchain can't be controlled by a single authority.
This is because the different nodes of Blockchain network validate the transaction and save other data. If talk about the relation of Blockchain with Bitcoin, in this regard we can say that the Blockchain technology is very closely related to Bitcoin. This is because the Bitcoin operates with the help of Blockchain and decentralized technology. The reason is that the Blockchain technology provide a high level of security, privacy and transparency to the users.
On other words we can say that the Blockchain technology provides the foundations to the Bitcoin as all the transaction of bitcoins are done through the Blockchain technology in the most secure, transparent and quickest way. So without the Blockchain technology the Bitcoin remain unable to validate transaction within the network.
How can you get Bitcoin? And how do you keep it safe? |
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Well! According to me it is very difficult to get a Bitcoin because it is the most expansive crypto currency in the world with the price of 70345$ and in my native currency PKR is 19591900 RS which is a very huge amount. So in results it is impossible to buy a Bitcoin. Besides this the supply of bitcoins is also very limited in world so we can't buy easily. There is also a second method through which we can get a Bitcoin which is mining. Yes the mining also provides us an opportunity of getting a Bitcoin but it is not guaranteed.
The reason is that a bundle of fake mining platforms are present which offers the mining of bitcoins but it is not valuable. On the other hand some valid platforms offer mining but it is not accessible to everyone because it requires a strong system of digital computers and a strong a connection of internet. But it is also quite difficult because the mining rate is very slow. So in results it is impossible to get a Bitcoin now a days.
Just imagine you got a Bitcoin, then you need to have a strong and highly secure digital wallet where you can keep your Bitcoin. This is because there are many hackers who try to hack your wallet to stole your Bitcoin because it is very worthy. So it will be a great task for you to keep your Bitcoin safe and secure.
So friends that was my entry about that topic and I hope you will enjoy reading it. Now it is a time to say goodbye to everyone and I want to invite my friends @mona01, @radleking and @kathy-cute to take a part in this amazing contest.
Very good information you have given about crypto so thank you so much invited me to it.
Thanks a lot for a lovely comment 😊
All the questions are very well explained. Good luck for the contest
Thank you so much dear for a beautiful comment ☺️
hey your provided a clear and concise explanation of Bitcoin and blockchain making it easy for readers to understand these complex concepts. Your breakdown of the differences between Bitcoin and regular money as well as your explanation of how blockchain technology relates to Bitcoin is well-articulated. your use of simple language and clear examples enhances the readability of your post. Well done dear
Thank you so much dear for such a lovely comment 😊. I really appreciate your kind words. Stay blessed ❤️