Introduction to bitcoin technology
Introduction to bitcoin technology
Let’s have a discussion session about bitcoin, interest of world nowadays, 85% people are not getting proper information about bitcoin. Well, we, all, know about paper money which we are using in this time.
I will explain bitcoin comparing with the paper money. the bitcoin concept was published in 2009 by the Satoshi Nakamoto then after one year, year in 2010 the project was published bitcoin is generated to same purpose like paper money but it is not physical, bitcoin created by block chain technology. What is the block chain it is the public ledger to keep record of bitcoin transactions, bitcoin is a crypto-currency like Litecoin , Ethereum etc. We can do by bitcoin as whatever we do with paper money. Paper money distributed or generated by the governments it has center governments to control paper money but bitcoin has no any center governments to distribute or generate it, it is being generated by solving the math problems with the help of internet as it is the first decentralized digital currency, when bitcoin is being processed to become verifed ,it may need high power processor, high electricity. To represent the bitcoin by BTC and XBT. And it represents digit is 0.00000001 like this. This is a small amount of bitcoin.
Today 1 bitcoin value 6560.98 USD as of date and it changes in minute to minute.
If someone wants to generate it for store or increase own bitcoin it takes lots of time, high electricity and high processor and specific application which is useful for it, I have already explained you, today if you want make your own money “bitcoin” you can buy some bitcoin or any others with a help of paper money because you can’t generate but if you fulfill this requirements then okay, and then you can exchange your coin by profiting way, bitcoin has personal wallet to deposit and transfer to others.
In these days, bitcoin may be interesting subject to every people of the nation ,for the nation and even for ease way to cooperate all nations together in the context of secure money transfer or exchange because all bitcoin transaction are transparent as to done one transaction by the bitcoin, it needs to be approved by the many people who are in network of bitcoin. As we know that, today in many countries, it is not legal as it could be fact , we guess due to restriction in international money transaction via internet and even world does not know what will be the consequences of its rapid grow. We may have interest about bitcoin as we are in era of Information Technology and internet is heart of IT and whole over the world, everything is being conversed to give existence of their services for businesses though information technology then why we could not let it become a heart of digital currency.