What is Bit Coin 2021
Bit coin means “peer to peer electronic cash system” or “crypto currency” or “digital currency“. Let’s find out what is bit coin 2021
The difference between normal currency and crypto currency is, we can touch and we can see the normal currency, but when came to crypto currency we can’t touch and we can’t see. Bit coin doesn’t have any shape, we can transfer wallet to wallet.
Who invented Bit coin
In 2009 A anonymous person called “Satoshi nakamoto” released a press note regarding Bit coin. Till now no one knows who is that person behind the creator of Bit coin. He is creative computer programmer, he design Bit Coin algorithm with powerful security process, Bit coin depends on SHA-256, as per this algorithm only 21 million Bit coins can produce not more than that.
1:Bit coin is a decentralized currency which means no one will have authority on this Bit coin, like our own currency will issue government authorities, they will have rights, they can do anything with our own currency but when comes to Bit coin no one will have rights and authorities, you can send to anyone to any country in the world.
2:we can earn Bit coin in two ways. If you have 15 Lakhs then you can buy one Bit coin I’n online, there are few sites where you can find the bitcoin. Another ways is Bit coin mining.
What is Bit Coin Mining
As I said earlier, no one can print the Bit coin, If you have 5 bit coins and you wanted to send it to your friend wallet so he or she can’t receive those coins immediately, those transaction will be secure, and created as block chains, those block chain will solve the miners, they solve the block chains through mining, if they solve then new bit coins will generate and introduce in the market, this is how Bit coin mining would work.
3:mining is for not every one cup of coffee or tea, it will have lot of work to do, mathematical problems and solutions should solve, these mining will work through separate secure software which consume heavy electricity ,also should have big number of computers and great processor, then only any one can do this bit coin mining.
BIT COIN MINING FARM
This is how a miner will solve the block chains and create new bit coins through mining process.
Right now 18.5 million bit coins have already been mined which means currently In market and usable. Still 2.5 million bit coins left which is expected to complete in the year of 2140.
The value of each Bit coin is 15 Lakhs, this is negotiable some times the price of bit coin may increase or decrease it depends on market standards.
The dark web hackers use this Bit coin transactions because no one can identify and no one will have authority on this bit coin.
as per the latest updates and news, in future bit coin will rule the world. This is what bit coin means.
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