BITCOIN , now a days I am hearing a lot about it and really good news only J so today I thought to get an idea about it.
An decentralized money which are neither printed like dollars or euro nor owned by any government, bank or company is known as Bitcoin. This is a peer-to-peer technology having no central authority and use to managing transactions. Although this open source whose controlled by no one but everyone can take part in it. This is designed for public. Bitcoin is available in 32 countries https://www.coinbase.com/global?locale=en
How Bitcoin differ from other payment services:
- First and the major difference is payment gateways uses currencies like Indian rupees, US dollars whereas Bitcoin itself a currency.
- Payment gateways are to done secure transactions in which banks are involved, whereas Bitcoin don’t need any banking system and replace it with block chain technology.
Bitcoin History :
In 2008 Satoshi Nakamoto invented a payment system and in 2009, he mining the first block of bitcoin known as genesis block. That time the value of 1$= 1,309 btc and now it reaches to around 410$.
Bitcoin terms and meaning :
- Block chain - the shared public ledger on which the whole bitcoin network depends.
- Transactions- the value which transfers in between bitcoin wallets.
- Private keys-a secret piece of data reside in bitcoin wallet.
- Bitcoin wallets – the mobile application use to keep their private keys. For example https://xapo.com/wallet/, https://bitcoinwallet.com/, https://www.coinbase.com/
- Mining- it is a process of adding transaction records to public ledger.
- Bitcoin Core-Is a program to decide which block chain contains valid transactions.
Bitcoin processing fees :
The processing fees for Bitcoin is very less usually less than 40 cents. For more detail visit http://bitcoinfees.com/
Here I giving reference of some websites where you can find more detail about this topic
Although Bitcoin has so much benefits but still people are not so much aware of this. As there is no proper marketing of this people are not so much educate about it.
This topic so vast and I really give only some basic idea for beginners. It’s just an introduction of Bitcoin for my readers and surely I will write more about this topic.Hopefully, you guys enjoy it and post your comments.
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