Bitcoin
With the advent of the internet, we have shifted our focus from offline shopping to online shopping. Ordering something from the internet and then transferring money online from there. Sometimes we use credit cards and sometimes other Online services such as your bank account, EasyPay, Jazcash, PayPal, Pioneer, etc. What we bought and sold on the Internet, everyone's record is safe. The government of the country we live in monitors where the money came from and where it went, so that black money could be reduced.
Some time ago, many online currencies were launched in the market, including bitcoin. This currency had established itself in the market in a short time and people started doing transactions online with its help. The value of each country's currency fluctuates and fluctuates, as the Pakistani rupee equals Rs. How does it work
What is Bitcoin?
Bitcoin was created by Satoshi Naka Motunami Bande in 2008 and released a research paper online that is still available on the Internet. This research paper explains how to create an online currency and use it The kind of business that can be done. It had a complete set of ways to make and work it. In the beginning, its value was equal to one Pakistani rupee, but it gradually increased.
How does the value of digital currency increase?
It is worth mentioning here how the price of bitcoin increased. Suppose I bring a rupee coin and tell people that the value of this one rupee coin is 100 rupees, but people will think I am crazy. People will agree, or 1000 people will say that the value of this one rupee coin is 1000 then, of course, other people will start agreeing with this. The same thing happened with bitcoin, in the beginning, no one knew this currency. But gradually people started believing it, buying it, and dealing with it. When its supply decreases, the price goes down. When people started online shopping and transactions with the help of bitcoin, its hype increased and people started buying and keeping it. Demand for this speciality has grown significantly as a result of recent corporate scandals.
What is a peer-to-peer system?
Bitcoin works on a peer-to-peer system, meaning it has no owner as we use the bank and if there is a problem we go to its branch and report the problem. The bank is owned by someone who runs it, but in the case of Bitcoin, there is no one who has control over it. From Monday to Monday, computers all over the world are for people like us. Everyone's laptops or computers come together to make a system and all the work is being done through them. Bitcoin is not a physical currency that you carry around in your hand, it only appears in the form of digits in your account.
What is blockchain and bitcoin mining?
The bitcoin blockchain adopts mythology. Blockchain is a system in which thousands of calculations are performed and after those calculations are made, the accounts of different accounts are kept. Now that this code has been decoded, it will be known to whom the bitcoin will go. Now it needs good special systems to decode this code. Satoshi's research paper explains how these calculations will work. Now these computers or laptops around the world who have registered themselves for calculations are engaged in decoding it. As soon as the transaction is decoded the bitcoin reaches the desired slave and the computer that decoded it first is given some compensation in the form of bitcoin. Since there are millions of systems behind performing a transaction. So the question does not arise if the bitcoin is not transferred to the desired slave. This whole process is called bitcoin mining.
This calculation and its mathematics are so powerful that you can't hack it even if you want to. To hack one of its transactions, you have to install supercomputers all over the world, because whenever a single transaction takes place, it does not happen with one or two computers, but with the systems of people in the corners of the world. And even if you hack 100 500, data will be available on all other people's systems and calculations will continue to happen. To target As soon as the bank server is hacked all the data and money can be extracted. But when there are millions of servers in the world, it will be impossible to hack them all.
Who was Satoshi Nakamoto?
You can read about bitcoin by visiting their official website. After the launch of bitcoin, no one knows who made it, where it came from. Some people say that Satoshi was not a human being.
Rather, these are the companies that made it. The bitcoin was the first currency in the blockchain, and since then many currencies have entered the market, but the bitcoin is considered the top.
Why is Bitcoin Illegal?
Many governments have banned it because it is impossible to trace it. Details of where the money is coming from and where it is going can be easily seen by everyone on the Blockchain website. Bitcoin is an open-source program. Any developer can view that code on the Bitcoin website and modify it if they wish. When you create a bitcoin wallet, you get an address. This address can be used for transactions anywhere in the world. The Blockchain Web has all the details of the address from which the transaction took place, but whose address it is, can never be ascertained. That is why it is so common in many lands.
The Bitcoin Q&A section clearly states that there is no currency in the world that cannot be used for money laundering. People are also taking advantage of Bitcoin where they are doing illegal things. Some people are still trying to legalize bitcoin in Pakistan. Bitcoin is purely an internet currency. Meaning if the internet shuts down tomorrow, the bitcoin will disappear, which seems like an impossible thing to hear.
How to Invest in Bitcoin?
Should you also invest in bitcoin, the answer is that if you have blind money you can buy bitcoin. In response to a question, Bitcoin says that it cannot make you rich, but it was launched to save your money. Many people in the world today use their laptops or special systems for bitcoin mining. If you also have a spare but good system you can use it for mining to make some money. But keep in mind that mining can cause systems to malfunction over time, meaning they are no longer usable.
Bitcoin in simple words
If a summary of the whole article is presented, it can be said that bitcoin is invisible money that can be used online. It is made by computer systems around the world. It has no owner. Anyone can see its code, its transactions but can't trace it. This currency protects your identity.
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