Wednesday, 27 December 2017

The "BITS" of a BITCOIN

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         There are some of the smaller amounts that present in BITCOIN and those are represented in “BITS”..There are 1million BITS in a BITCOIN that means 1BIT=0.000001BITCOIN(BTC).
There are lots of fluctuations that present in BITCOIN that might increase (or) decrease the value of BITCOIN,it might be in fractional form also. So from that way the BITS are formed.Bits are easier to remember.when compared to the other units.some of the problems arises in marketing that’s why The term BITS are produced.The director of product at BLOCK CHAIN. DanHeld accepted the BIT payment.The name bit(binary digit) is a basic unit that relates information that are used in computing ,logical,digital communications.  Coming to block chaining process It is the chain process of all ledger transactions across the networks.By using this technology.participants can confirm transactions without certifying authority.

                       If someone requests a transaction.the requested transaction is broadcast to a peer to peer network consisting of computers and also known as nodes and the network of nodes validates the transaction and users status and the verified transaction can involves the cryptocurrency and once the verified transaction is completed then its combined with the other transaction and creates a new block of data and then new block is then added to the existing block chain and then transaction is complete. Benefits includes increased transparency,accurate tracking,permanent ledger,cost reduction..

CONVERTING BITCOIN INTO BITS:
Lots of people don’t know that how to convert from BITCOIN to BITS
By dividing the BITCOINS with .000001 
ex:- 52.66 BITCOINS  / .000001 =52,66,000 BITS

COVERTING BITS TO BITCOINS:
To convert the BITS to BITCOINS. we have to multiply the BITS amount by .000001
ex:-52,66,000BITS *  .000001 = 52.66 BITCOINS



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