Crypto Basics : Part-4:What is Bit Coin? 10% Beneficiarie @tron-fan-club

samin1 (67)in Tron Fan Club • 2 years ago (edited)

Assalamu Alaikum

Bit coin is the first coin of cryptocurrency . It's a digital coin .A long time ago people was used gold as a currency.But it was not secured currency.Because when people carry it ,in this time people were lost it.Also it was stolen vary easily .Then came paper money .It is easy to carry anywhere.Now this currency is main currency .But paper money is centralized and bit coin is decentralized.Let's know a diffirence between centralized and decentralized.

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Difference Between Centralization and Decentralization

.1. Now we are using money .Which is depend on bank .It mean if you want to send money to your friend or anyone you have to use bank for transection Bank is like 3rd person.Centralized is complicated.Because it is not digital .In today's world centralized has not a good security system. We can find centralization system on organization, government and management.

. 2. One the other hand decentralizatoin is open and free.Anyone can use it and it is not dipendable.People can send coin without bank .For example blockchain is decentralized.Bit coin is also a blochain based decentralized
currency.Decentralized is batter than bank .Hacker cannot hack this system.It is so difficult.

History of Bitcon

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In 2008 a unknown person or a group known as Satoshi Nakamoto was invented bitcoin.In this time bit coin was not popular.And people bought a pizza using bitcoin.But now the price of bitcoin is 15,976.83 doller.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them.On 31 october Satoshi Nakamoto upload a white paper pdf.In this paper Satoshi Nakamoto explained what is cryptocurrency and how it is work. On 1 october , 2009 bitcoin price was published.Now bitcoin is accepted in many big industry . Like paypal , google ,microsoft ,dell etc.

Bitcoin Mining

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Bitcoin supply is limited .Bitcoin Supply is at a current level of 19.21M. Now almost 3m bitcoin were supplied.How to create new bit coin ? Well, bitcoin is created by mining .For mining we need a computer.Mainly miners make transition and solve many mathematical problem and then new bit is came in the market .This is called mining.Bitcoin halving come after every 4 year .First time people got 50 bit coin for mining.Then halving come and people 40 bitcoin in 2012.Now we can earn 6.25 bitcoin by mining.

Now bitcoin price low but very soon it will be pamp .There are also came many coin like ethereum ,bnb , trx .In future bit coin will be the main currency .So it was today's post thanks for reading .See you in the next post.