Cryptocurrency

Bitcoin and mystery about its invention

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Bitcoin

What is Bitcoin:

Bitcoin is a digital currency.  It is money just like Rupee and Dollar, only it’s not owned by the government. You can send it to any person instantaneously, securely and for minimal or no fee at all. Bitcoin is an international network of payments and exchange that is completely decentralised.

Who invented Bitcoin:

Bitcoin is a cryptocurrency that came into existence in 2008.  a person called Satoshi Nakamoto invented Bitcoin Technology. 

Is Bitcoin is a Company:

No.Bitcoin is neither a company nor an organisation. It is a standard or protocol just like TCP/IP or the internet. No one owned Bitcoin. It operates by simple mathematical rules that everyone who participates in the network agrees on. 

How Bitcoin Network Works:

Bitcoin is able to allow a completely decentralised network of computers to agree on what transactions have occurred on a network, especially agreeing on who currently has the money. So, if you send money from your account to somebody’s account in this peer-to-peer, completely decentralised network, it’s just like sending an email. There’s no middleman in this transaction. Every ten minutes the entire network agrees on what transaction has happened without any centralised authority, by an easy election that occurs electronically.

Why Bitcoin Is Important:

Bitcoin is extremely important to the world. Approximately One and half billion people currently have access to banking, credit and international finance capabilities – primarily the upper classes of the Western Nations. Six and half billion people on this planet have no connection to the world of money. They deal in cash-based with very little access to international resources. Nearly three billion of these people are directly using the internet. With a simple application download, they can immediately become participants in our international economy. They are able to use international currency that can be transmitted anywhere with minimal fees. They are able to connect to a world of international finance that is completely peer-to-peer. Bitcoin is the money of the people. The possibility of connecting six and half billion people to the rest of the world is truly revolutionary.

How Bitcoin Solve Payments Problems:

When someone thinks of starting a business in an international market, there are two primary barriers to becoming a global business.  The first barrier is that it is very tough to transport products and services across borders. With the help of the internet we solve that.  We can create virtual products and services and sell them anywhere in the world.  So, we can deliver the product but still have one big problem : How do we get the payments? 

Bitcoin will break that barrier. It helps us to receive payments from anywhere in the world. The Bitcoin network allows individuals to send a very tiny amount of money. One can’t do that with today’s  money and payment system. Credit cards were made in the 1950’s and they were not made for the internet age. Bitcoin is made for the digital world. 

So, if you can suddenly send payments that are one-hundredth of a dollar or one-thousandth of a dollar, you can sell content. You can do microtransactions. You can collect payments from millions of people in very small amounts and make them, in aggregate, be worth something. On the same network where you can send one-millionth of a dollar, you can send a billion dollars or a trillion dollars. The transactional amount will be exactly the same.  Because fees will be dependent on the size of the transaction in kilobytes, not on the amount of money.

What is Bitcoin Mining:

Bitcoin Mining is the way of collecting Bitcoin transactions into blocks.  It is done by ‘miners’ who use a computer – known as ‘mining node’ – in a competition to be the first to generate a hash for a new block of transactions.

‘Block’ in Bitcoin is a collection of transactions that have been grouped together. To make a block, a few things need to happen.

Firstly, a miner will need to validate that a transaction is possible. This is done by verifying that the person using bitcoin to buy something on the network has sufficient funds to make the transaction. This includes cross-referencing the details of this transaction against the last transaction history stored in the existing blockchain.

Once they have validated that this connection is possible by accomplishing that the buyer has enough coins to complete the purchase, the miner will collect and combine a group of legitimate transactions together to form a block.

Next, a minor will try to form a hash for this new block of legitimate transactions. The hash is new to this block and its transaction data,so no two hashes are ever the same.

After a hash has been made, there is a cryptographic mathematical record that the transactions in this block are valid –  and once the group has been verified by 50% of the network, this new block is added to the blockchain.  As a whole, the network will only create a new hash once every ten minutes or so, and the hash difficulty is enhanced as new computers join the system.

Hope this article helps you to understand everything about bitcoin. 

Please share with your friends and family.

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