Monday, 18 December 2017

ORIGIN AND INFO OF BITCOIN

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                                        Bitcoin is a cryptocurrency (or) digital money and Bitcoin was invented by an unknown person named Satoshi nakamoto .The date of introduction of Bitcoin is 3January2009

                     It works without a central bank or any administrator.and a unique currency which can be used everywhere in the world. It is the main advantage of bitcoin.On 18 August 2008, the domain name “bitcoin.org” was registered. In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin and implemented the bitcoin software as open source code and released it in january 2009.

 TRANSACTIONS

         The Bitcoin transactions are by network nodes and recorded in a ledger called “BlockChain”.There are lots of users using the Digital money wallets. According to research produced by the University of Cambridge estimates that in 2017 ,There are 2.9 to 5.8million unique users using a digital money wallet and most of them are using Bitcoin.

                      The price of Bitcoin may increase (or) decrease.Some times it is more greater than gold  In 2014 ,Bitcoin has volatility seven times greater than gold and 18 times greater than US dollar.Sometimes unable to covert bitcoin to cash quickly enough as the price declined and there might force the bitcoin price down further.. Bitcoin Transactions are irreversible..So do business with trusted organizations By using bit coins we can do world wide payments with low processing fee Bitcoin value can unpredictably increase or decrease ..It is experimental new currency which is under active development ..BITCOIN is a crypto currency which is unofficial 

                     Current price of 1 Bitcoin is  1224109.13 Indian rupees 18978 usd but varies time to time Bit coins are peer to peer transactions.There are two things you need to know of Bitcoin process  this include mining and block chaining.
                   

BLOCK CHAINING

               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..

MINING         

            Mining means the process by which the bitcoin transactions are added and verified.Mining process involves compiling of recent transactions into blocks.The hardware ASIC(APPLICATION SPECIFIC INDICATED CIRCUIT).Was designed for mining Bitcoin and was released in 2003 and have been improved upon since..But in Older days mining was done by CPU's and GPU'S .CPU's are used from normal computer.gpus are more effective than CPU's and eventually GPUs became dominant.mining is competitive and today can only be done with the latest ASICs profitably.the revenue generated is less than cost of energy consumption.
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