Steem Crypto Challenge #5 : I Love Bitcoin 💙 | 12 Years Of BitcoinsteemCreated with Sketch.

in Best of India3 years ago (edited)

Hello Steemians!

Today I am writing here my experience with Bitcoin as part of the Steem Crypto Month Challenge #5.

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When discussing about Bitcoin , the topic to discuss is
What is Bitcoin(BTC)?
Well,

It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.

Source: Wikipedia

Everyone need not to understand the the above paragraph from wiki. Let's make it simple.

We all know the Gold. We 'mine' them , use it to make jewelleries or store it as coins / bars , which has a definite value in the market. And this value (the market value of gold) may increase or decrease considering a lot of factors including the basic 'demand - supply concept' . Also we could buy or sell the stored gold . Some will stockpile the gold as savings or investment plan.

Now consider Bitcoin as a form of 'Digital Gold' . This can be mined , stored , sold , bought or can be invested upon, But only in the digital form. Unlike the real gold , this never exists in the physical world with a shape. Also the main advantage of bitcoin and all other cryptocurrencies are these doesn't need intermediatery people for the transaction. We buy gold from Jewellary shops which is an intermediatery, but these currencies are transferred between a buyer and seller directly. This is peer to peer network(P2P).

Check the below image

image.png
Image Source

The jewellary , traditional banks all follow the Client-Server network model , ie, there will be an intermediatery in between every transaction between two people and they records it with the people's details. But Peer-to-Peer/P2P doesn't have any intermediatery in the transactions involved and there is only record of the transaction stored but without people's details! That means 100% privacy. This P2P Network is executed above a blockchain.

Now, What's a Blockchain?

Consider a chain. There will small unit of chains, the metal rings which connect its left and right rings. If one ring is lost , then the chain is a broken one. When considering metal chain , we could remove the broken ring and connect between its left and right rings.

Now when coming to blockchain, it is a chain but instead of rings there will be a specific type of data blocks. This blocks will basically have

  • Index : The position of block in the blockchain.
  • Data : The main content the block stores.
  • Timestamp : A timestamp referring the time of creation of the block.
  • Hash : A hash value generated using the content of the block.
  • PreviousHash : The Hash Value of the previous block.
    (The real connection)

The basic structure of blockchain is as follows:

image.png
Image Source

The major feature of blockchain is that it cannot be HACKED ! Yes, everyone thinks all the data on digital world is vulnerable, but not on blockchain. To be specific, the data stored on blockchain can be accessed as a normal data but can't be manipulated or deleted after the creation.
The Hash and PreviousHash mentioned above, are the ones which assures us this safety. A block's Hash value changes whenever the data in it changes.
Consider a blockdata is manipulated and the hash value changed(It needs somuch computational power to do so, yet consider it is done), but the stored value of PreviousHash in the next block refers to the old hash and thus the link/chain is severed(which never happens)but, the all of the rest of blocks should accept the change unilaterally , which is not possible and thereby the change made is rejected. So no one can manipulate the data stored in a blockchain.

This is the basic concept of Bitcoin and the Blockchain network BTC is transferred upon.


When coming into my experience with bitcoin,

I find out about blockchain and bitcoin from my friend in college. He had studied about bitcoin and the blockchain from the the web and he tells me about it during every boring lectures 😁. This was during early 2017 and I just heared it from him and went back to home with some more knowledge. During my third semester, we were asked to take seminar on any topic we like and I took a seminar on Classification of Games which was a last minute prepared one, In front of engineering students!😅 But my friend took a seminar on the concept of blockchain and the futuristic view on bitcoin.

That seminar was truly helpful in understanding the relevance of bitcoin. This was on the september of 2017 , then onwards I had checked the growth of bitcoin regularly and also I even checked the price on the record day of bitcoin price!! But I had no capital with me to buy the bitcoin also my friend. Therefore I have no experience in investing on trading bitcoin or cryptocurrencies. The lack of capital paved us the way to gambling sites like fortunejack and bitsler , my friend could make some money from it using the faucets but i couldn't even touch the minimum payout amount !! 😂 But I continued to do it with the faucets , i visit them now also. The bitcoin changed my hobbie from gaming to online gambling ! The browser history from steam games to free faucet gambling sites. 😉

I know the 12th year of bitcoin birth is 3 days from now but, I wish I had heard about it and invested on it on early period , on 2012 itself. But that's not how the life works! 😅 Bitcoin grew from nothing and now became the major digital currency . All the other cryptocurrency prices is now depend upon the value of BTC, just like USD to physical world markets. The bitcoin and other cryptocurrency transactions were banned here in India because of the unaccounted cashflow in and out of the country, but as of now the ban is lifted. You could read the old news on lifting the ban here. I think the future on bitcoin is still bright. The investment in BTC , is so much relevant even now and not one to be regretted upon ever.

image.pngImage Source

In my personal opinion the bitcoin may become less dominant over time, but not so soon , because the second major Ethereum has wide variety of uses and good usability as a blockchain also, other than just being a currency according to as far I heard. I think the bitcoin will reach the mass population in terms of transactions probably soon and inside 10 years but also it will surely gain popularity on early 2100s, just before the last BTC is mined. Because the 'mining is gonna be over soon' news is gonna hit the world so hard that everyone will slide in and invest on BTC at that time.

And here ends my post in celebrations with the 12th Birthday of BTC

I also predict the price of Bitcoin (BTC) will be at 15:00 UTC on Saturday, October 31st 2020, as follows.

The price of Bitcoin (BTC) will be 14453.82 USD

Thank you all for reading .
Much love steemians 💙


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 3 years ago 

You have been upvoted by @rishabh99946 A Country Representative from INDIA I am voting with the Steemit Community Curator @steemcurator07 account to support the newcomers coming into steemit.


Follow @steemitblog for the latest update on Steem Community and other writing challenges and contest such as The diary game Season 3, Steem Crypto Challenge, Better Life, etc. Also keep engaging with others to win #onepercent & #twopercent votes

Hey @bestofindia ,
You currently voted with your own account ,
not @steemcurator07 community curator account! 😄

@rishabh99946 Recheck this one!
I think it happened by accident! Lol ! ,😂😂

Hi @ansaf, you are on our 500SP Minnowsupport Support Program Pick List.
I encourage you to continue making your publications in order to give you the proper support. Thank you.
You have been visited by @edlili24, Steem Greeters of STEEM POD Project and we are visiting with the Steemit Community Curator @steemcurator03 account to support newcomers entering steemit and to curate the 500SP Minnowsupport Program 500SP Minnowsupport Program.


Follow @steemitblog for the latest Steem Community update.

I am so happy to see younger generation learning and understanding faster about Bitcoin. And also try to earn,thats really good thing .

Work hard,one day it give good returns .

Nice post from you.

#twopercent #india #affable

Thank you! 💙
And also I have been planning on starting the trading soon.

You have been upvoted by @sapwood A Country Representative from INDIA I am voting with the Steemit Community Curator @steemcurator07 account to support the newcomers coming into steemit.


Follow @steemitblog for the latest update on Steem Community and other writing challenges and contest such as The diary game Season 3, Steem Crypto Challenge, Better Life, etc. Also keep engaging with others to win #onepercent & #twopercent votes

@steemitblog @steemcurator01 @steemcurator02

I have posted this to my twitter.
Check it here

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