STEEM CRYPTO CHALLENGE : Bitcoin Is Booming - Part 2

Bitcoin is often referred to as the world's first cryptocurrency. Cryptocurrencies like Bitcoin are exchanged through the computer's "peer to peer" network. The main purpose of this network is to share data. This data can be assorted. For example movies, songs, documents, etc. If it is possible to duplicate digital data, is it possible to duplicate bitcoin?? The answer is No. Even though Bitcoin is a digital currency, no one can make fake bitcoins and cheat if they want to. The main reason is that bitcoin, like any video or audio file, cannot be duplicated.

Basically, an entry in a huge global database called Bitcoin Blockchain. Blockchain keeps track of all bitcoin exchanges. So far, 312,204 megabytes of data have been stored in the blockchain. But who keeps track of this blockchain?? Since Bitcoin has no regulatory authority, there is no recognized authority to keep track of blockchain accounts. People in different parts of the world are motivated to keep track of exchanges between Bitcoin accounts (called "wallets").

When Bitcoin is exchanged, the exchangers announce the exchange and the accountants update that information on the blockchain.As a result of many people updating the same information, it is seen that if anyone tries to commit fraud, that attempt is caught. To update data when the first block is full, they use the new block. In this way the blockchain of information using one block after another is done. They record three issues of bitcoin exchange while updating the blockchain.

• Sender's wallet number.
• Recipient's wallet number.
• How many bitcoins are being sent
  
  

But is it risky for so many people to have account number information?? Cryptography is used to avoid this risk and that is why Bitcoin is called a cryptocurrency. How does this cryptography work?? Two keys are used in Bitcoin wallet. One is private key and the other is the public key. These two keys are unique and ensure the security of the Bitcoin exchange. Suppose I want to send Bitcoin data, I will mark that data with a private key.

The data is then verified with my public key, if the private key symbol and the public key symbol match, then everyone will understand that the data was actually sent by me. The feature of these two keys is that they cannot be duplicated like credit card numbers or signatures. So It is almost impossible to steal bitcoin. This is one of the reasons behind the huge popularity of Bitcoin. An miner gains 12.5 bitcoins to add a new block to the lockchain.

Initially 50 bitcoins were given to add to a blockchain. But for every 210,000 blocks added to the blockchain, the number of rewarded bitcoins is halved. So, later 50 to 25 bitcoins and now 12.5 bitcoins are given as prizes. The number of rewarded bitcoins will continue to decline in the future. Bitcoin has been mapped in such a way that the supply of Bitcoin will be precise and limited.

According to various calculations, the last bitcoin will be created in 2140. This limited and precise supply has made Bitcoin so valuable. There is a lot of disagreement about what the price of Bitcoin will be in the future, how long this high rate will remain.