bitcoin

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how bitcoin works and what is bitcoin mining

cryptocurrency


cryptocurrency means it is form of digital asset can secure financial transactions, control the creation of additional units and it is a decentralized network . there are many cryptocurrency currencies. IN 19 August 2018 is over 1600 and growing. A new cryptocurrency can be created at any time.in cryptocurrency currency are there but bitcoin is the known by all 


bitcoin

bitcoin is the form of cryptocurrency Bitcoin was invented by an unknown person or group of people using the name satoshi nakamoto but it is not proved confirmly that he only invented bitcoin. it has a decentralized network and there is no central bank or single administrator 

  

 how bitcoin works 

 IN traditional electronic transfer money sent from central payment process like your bank your bank will verify your transaction but in bitcoin all the transaction are verified by all distributed network running special software

 example

if you sending a bitcoin to your friend the bitcoin records your bitcoin address and your friend's bitcoin address and the amount transferred and enter into ledger called blockchain and blockchain is updated over 100 times per day and the transaction is verified by a  multiple networks and verification process by some people called bitcoin miners and the mining software they runs are grouping the recent transaction by blocks if the computer successfully completed a block it is added to blockchain and a system generates a new bitcoin added to digital wallets of the miners but some them things the bitcoin mining is easy but it has lot of complicated process needs more electricity creates more sound  the bitcoin mining will be difficult when more miners joint the networks and in another way when the bitcoin is solved fast the bitcoin automatically increase the difficulty ratio more the bitcoin miners joint the networks more will be the safe bitcoin networks






how can be earned

the first way is to give your  country's currency according to the value of one bitcoin in your country


 bitcoin mining


IN  olden days our system ram are mined bitcoin but is it slow after that graphics cards used for gaming are used for bitcoin mining so it has enough speed to mine bitcoin but in modern days there are special devices for bitcoin mining only









value of bitcoin & limit

 the value of bitcoin is not a permanent it changing seconds to seconds like our share markets 

limited coins 


The hard limit of 21 million bitcoin that will ever exist is how bitcoin provides Scarcity


criticism

bitcoin has some criticism they are 


many economists like Robert chiller and Paul krugman   have been identifying as economic bubble and criticizing bitcoin, calling it a bubble and a fraud and jack ma and warren buffett



Bitcoin has been criticized for the amounts of electricity consumed by mining. As of 2015, The Economist estimated that even if all miners used modern facilities, the combined electricity consumption would be 166.7 megawatts (1.46 terawatt-hours per year).


IN some countries bitcoin as been banned because the bitcoin has been used for illegal purposes 

AND the bit coin ads are banned  in google Bing and other websites




for more details click here















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