Bitcoin is the currency of future!!!!! Read to know how bitcoin works and how you can make money with it
People are constantly figuring out new ways to earn money and over the years we have seen some really astonishing ways in which people have made money online. The amount has been large and also the complexity in earning it.
One such way that has been quite famous in the recent years are BITCOIN.Today i'll explain it to you what actually bitcoin is and how it operates and what can you expect from it i the near future.
What is BITCOIN???
Bitcoin is the first globally accepted non centralized currency that can be circulated anywhere in the world.There is absolutely no need of a 3rd party(Bank) to transfer money from one person to another.
All you need is a computer software and you are good to go because bitcoins are fundamentally computer software.
How does it work??
A blockchain is a bundle of financial records that are stored in data-batches that use cryptographic validation to link themselves together.
If we put it in simple terms
It is basically a database with validation for each entry and a unique hashing function to link it to the previous block forming an irreversible chain.
The best part about this process is not using a single location to store the database but using the computers of all users dealing in bitcoins to store this database.
Thus all the transactions are visible to everyone but there is no access due to the highly secured cryptographic algorithms used.
So whenever a purchase is made the ledger records it and sends it over the entire network.Computer all over the world compete to solve a highly complex equation.The first user to solve the equation and validate the block is rewarded in bitcoins (This process is called mining)
Is it legal???
Japan has been a front-runner when it comes to legalizing the use of bitcoin's as it has been recognized as one of the formal payment method's by Japan's government.
India is speculated to soon legalize the use of bitcoin's.
In most countries it operates in grey zone with no actual rules against the use of bitcoin's.
It is the currency that is used mostly for all the activities happening in Deep web.
Who's behind bitcoin???
Bitcoin was discovered by Satoshi Nakamoto which was an alias name for a person posting in forum thus no real information about its real founder.
Currently it is not owned by any particular organization but is an open source currency system operated by a community as a whole.
PS :A lot of work and research went into this post it would be really amazing if you could let us know your thoughts in the comment section
IF you like what you have read then don't forget to share and tag your friends on your social media account
and
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| Source: Fortune.com |
One such way that has been quite famous in the recent years are BITCOIN.Today i'll explain it to you what actually bitcoin is and how it operates and what can you expect from it i the near future.
What is BITCOIN???
Bitcoin is the first globally accepted non centralized currency that can be circulated anywhere in the world.There is absolutely no need of a 3rd party(Bank) to transfer money from one person to another.
All you need is a computer software and you are good to go because bitcoins are fundamentally computer software.
How does it work??
A blockchain is a bundle of financial records that are stored in data-batches that use cryptographic validation to link themselves together.
If we put it in simple terms
It is basically a database with validation for each entry and a unique hashing function to link it to the previous block forming an irreversible chain.
The best part about this process is not using a single location to store the database but using the computers of all users dealing in bitcoins to store this database.
Thus all the transactions are visible to everyone but there is no access due to the highly secured cryptographic algorithms used.
So whenever a purchase is made the ledger records it and sends it over the entire network.Computer all over the world compete to solve a highly complex equation.The first user to solve the equation and validate the block is rewarded in bitcoins (This process is called mining)
 |
| Source: Coindesk.com |
Is it legal???
Japan has been a front-runner when it comes to legalizing the use of bitcoin's as it has been recognized as one of the formal payment method's by Japan's government.
India is speculated to soon legalize the use of bitcoin's.
In most countries it operates in grey zone with no actual rules against the use of bitcoin's.
It is the currency that is used mostly for all the activities happening in Deep web.
Who's behind bitcoin???
Bitcoin was discovered by Satoshi Nakamoto which was an alias name for a person posting in forum thus no real information about its real founder.
Currently it is not owned by any particular organization but is an open source currency system operated by a community as a whole.
PS :A lot of work and research went into this post it would be really amazing if you could let us know your thoughts in the comment section
IF you like what you have read then don't forget to share and tag your friends on your social media account
and
1 Bitcoin equals
169493.02 Indian Rupee!!!!
😎
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