What is Bitcoin (BTC)
Bitcoin is a cryptocurrency that means digital currency, invented in 2009 by an unknown person, the person who created the technology is still a mystery. It’s pseudonymously created, Santosh Nakamoto. It was the first cryptocurrency to secure transitions based on the blockchain network.there is a working peer to peer electronic transition system, the transition is made with no middlemen, no banks, no centralized authority who control coin transition.there is no physical exitances like, coin, note, etc are present in a physical way. we can use online transitions like purchases, shopping, etc.
How its Works
Bitcoin works peer to peer (P2P) electronic cash system. Its means computer system are connected to each other through the internet, a file can be transferred directly to each other without any central server. The computer is connected USB(Universal Serial Bus) system to transfer files.
Peer to Peer networks is file sharing directed to the system on the internet. They allow file transfer continuously via the internet without any central server. Bitcoin works a personal coin wallet and allows a user to send and receive coins. The sharing of bitcoin through the “Blockchain” each transition are protected by digital signature.
Bitcoin mining is the process to get earn cryptocurrency while providing valuable services to global network users. The role of miners is to secure network and the process every transition completely.they are solving a mathematically computational problem to continue blocks of transition. The miner has generated bitcoin every 10 minutes. they solving mathematical calculations to use their computing power to generate the new coin.
The miners prevent the attack and they make it more secure to network. Bitcoin mining is not easy, It can not be use laptop and desktop at home. For mining requires a lot of electricity and requires powerful software and hardware. Bitcoin is limited all over the world 21 million.
What is cryptocurrency is digital or virtual currency.it is a decentralized network based on blockchain technology. There is no central authority and no one can manipulate. Cryptocurrency is secure by cryptography for secure payment and store money without any user name. Cryptocurrency is created through a mining process by using a powerful computer to solve a complicated mathematical problem that generates coin. Bitcoin is the first Cryptocurrency created in 2009.
Type Of Cryptocurrency
6 main well know the currency
- One of the most common cryptocurrencies well know. BTC-based on the SHA-256 secure hash algorithm. the coin is limited by 21 million.
- Lite coin(LTC)
- LTC launched in 2011 by charlie Lee formal employee google. Lite coin has a faster transition.LTC based on script algorithm.script is a password-based key derivation functional proof of work algorithm. Lite coin has limited 89 million.
- ETH launched in 2015. It based on open source platform blockchain technology.
- XRP is created in 2012 and it is an opensource, decentralized blockchain technology that can be transition complete within 3-5 sec.
- Bitcoin cash
- Bitcoin cash is created in August 2017.,from a branch of Bitcoin. Bitcoin cash increases in the size of blocks (between 8MB and 32MB) to allowing more transition to be processed.
- Ethereum Classic(ETC)
- Ethereum classic is the version of Ethereum and it is open-source blockchain-based distribution.it is based on script functionality.
How many beneficiaries Of Bitcoin Investment
Bitcoin is a digital currency you can buy real money. There is no physical exitance so buying Bitcoin is very risky. It is more volatile just like investing in stocks. The prices of currency fluctuate day by day. Bitcoin currency can also make a lot of profit and loss. Currency makes a good profit for a short time investment. If you are looking for a long time investment may also make a good profit due to their high market demand. Cryptocurrency is unpredictable volatile in prices which can make a good profit.
Sometimes disadvantage of Bitcoin investment volatility if you buy at higher prices and than go down at lower prices you can’t sell at the time, it should behold for some time or wait for higher prices. Before investing in Cryptocurrency should research the market and get more information regarding the Cryptocurrency market, to avoid big losses. There is one of the most problems is an online hacking theft from websites if you lose a wallet or delete lose them forever. There is no regulatory authority of coin transition and no one can help you. Investing is its own risk.
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