what is bitcoin and how does it work

What is Bitcoin, how to use Bitcoin, who created Bitcoin,how does it work! 

 Hello friends, today we will talk about bitcoin and understand what bitcoin is and how bitcoin works. 

1.What is Bitcoin and how it works = bitcoin is a digital currency, a virtual currency. You cannot touch bitcoin.

Bitcoin was created in 2009 by a person named Satoshi Nakamoto or his group 

but still someone has There is no strong information about Satoshi Nakamoto. 

There were 2 motives behind bringing to Satoshi Nakamoto.

2. Removing the middle mediator during transaction = Whenever we do any type of transaction, the bank acts like our mediator which was intended to remove it but bitcoin is a currency that is without any middle level at the time of transaction.

What makes a transaction successful is that Bitcoin has no owner and no dominance over the government.

3. Reducing Transaction Charges = When we make multiple transactions with the help of credit card, the bank charges us one to two percent of the transaction 

and when we transfer the money abroad, the bank charges quite well. 

But in Bitcoin this charge is very low, so let's understand how bitcoin works

4. How Bitcoin works = To invest in Bitcoin, first of all you have to create a Bitcoin wallet.

 ZEBPAY, UNOCOIN, BUYUCOIN, COINSECURE etc. are all bitcoin exchanges in India.

With these you can create a bitcoin wallet. 

Each bitcoin wallet has its own The address is the address of bitcoin wallet is like your bank account number.

 If your friend has to send you bitcoin, then you have to send bitcoin to the same address.

 Every bitcoin has its own public key and private key is When you make a transaction or send bitcoin to someone, a digital signature is generated with that transaction. 

With the help of digital signature, the notes are verified by it. Note means the computers that are connected with bitcoin when you give someone ₹ 10000 When you sign a check, 

the bank verifies the check whether you own the signature on that check and whether your bank account has ₹ 10000. Similarly,

 when you send bitcoins to someone, then with the help of that digital signature,

 verify whether the digital signature belongs to you and also see whether the number of bitcoins you are sending is in your account or not.

 Whether or not that bitcoin is private, along with that, they also check other details, bitcoin uses blockchain technology.

5. What is Blockchain Technology =

Blockchain means it is a public ledger, just like a trader keeps the book of his transactions in his

books in the same way, the transactions of bitcoins are accounted for in the book blockchain when you are in the blockchain.

For the first time, bitcoins are transacted, since then, 

you can see all the details of transactions you have done till date, on the blockchain, just as a merchant can calculate his transactions. 

Device keeps the miner based on the exact same type Bitcoin transactions

6. What is Bitcoin mining How it works = When we hear the name of mining, we remember 

the diamond or coal mining but the work of a minor in bitcoin is to maintain the public ledger in the blockchain and in return the minor Receives a small amount of bitcoins in the form of fees, 

which Bitcoin Miner receives as a reward. 

These are the new bitcoins. Anything that comes in the new bitcoin market is through the Minor itself. 

Is electricity for mining is very much determined computational power also seems to be too much And special hardware also seems like we keep the documents in the file,

 in the same way bitcoin is kept in the block and when the documents file is filled, then you keep your documents in another file. Similarly, you can do all the transactions of bitcoin in one Cannot place in a block at the moment, the size of a block of 1 bitcoin is 1MB, so only a few limited bitcoins are kept in a block and when taking a block Fills the transaction and the transaction is placed in the next block 

Each block has a reference to the block before it, in this way a chain of blocks is created, hence it is called blockchain, in this way you get to see all the transactions in the blockchain from the first transaction in bitcoin to the current transaction. You can see all the records of that transaction.

 Now after putting all the records of that transaction in the blockchain, the minor has to seal that blockchain so that later that transaction Not no one can not compromise with anyone that the transaction could not manipulate To seal the blockchain,

the minor has to solve the puzzal with a shoftwere. After solving the puzzle, it is published in the Bitcoin network where the notes verify that puzzal and then it is added to the blockchain which the minor first. The solver solves the puzzle, 

gets some bitcoins as a reward and also gets the block transaction fees for the transactions that take place in that block, approximately every 4 years. Number of bitcoin is halved When Bitcoin was started in 2009, 

the miner got 50 bitcoins when he started doing bitcoin. In November 2012 the number of that 50 bitcoins increased to 25.

 The mining process has been deliberately made difficult and it is only part of the design of bitcoin when the miner is the most First solves the puzzle, after that it is published in the block public network, then the notes are verified in that published blog,

 then in the block blockchain Joins why Bitcoin Minor Group by the mining in a group in order to win the chance to be more And whatever bitcoin fees they get, they divide among themselves, so as soon as you transact bitcoin and click on the Saint button, that action will go into the bitcoin network, 

then the notes will verify your digital signature and then the minor verification signature Put it in a block and seal that block, 

then solve the puzzle and that block gets added to the block chain, thus a keeps moving This process plays an important role in keeping Bitcoin secure 

7. How much does Bitcoin cost? How to buy and sell it = The price of bitcoin varies due to supply and demand. Over the past few years,

 the price of bitcoin has been increasing due to its demand.

Can buy and sell bitcoins The price of 1 bitcoin is around RS: 666936 in 2020 but you do not necessarily have to buy the whole 1 bitcoin.

 You can also buy bitcoins in some quantity. Hope you will like this bitcoin information.

 You can share this post. With your friends so that they also know about this bitcoin

For more information, you can find out by visiting the official website of Bitcoin.👉🏻Click Here

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