Friends, many of you must have heard the name of Bitcoin and might also know that this is the name of an online currency on the Internet. But of course you would not know when this currency came into existence?
What were the motives for making it?
how does it work?
And what are its advantages and disadvantages?
We will discuss all these things in this article and such secrets and facts will be revealed in front of you, which you did not know before.
Bitcoin was invented 11 years ago by Satoshi Nakamoto on 3 January 2009, who was a software developer as well as entrepreneur.
Satoshi Nakamoto
And the purpose of making it was to create an online currency that does not fall under the control of any banking system and it can be sent from one account to another by a minimum transaction fee. Actually this is an online crypto currency which does not exist physically rather it is safe in your online Bitcoin wallet, and from here you can buy and purchase your Bitcoin anywhere. This transaction of yours remains secret and apart from the sender and the buyer, no third knows anything about this transaction.
To understand the structure of online currency, first we have to understand the design of normal currency. For example, any type of money that is currently in your pocket can be any currency i.e. dollar or INR and it exists physically in your pocket, meaning you can hold it with your hands and use it and apart from this, the Reserve Bank of India controls the debt. Any money sent or ordered anywhere, the bank has its complete record which is also known as money trail.
But this is not in the case of Bitcoin, this is because no bank in the world controls it and nor can its transaction be traced to whom and where it was sent.
As far as its price is concerned, it depends on supply and demand. The more people who buy this currency, the higher its value goes on increasing, and if its demand is less and the supply becomes more, then its price starts to decrease automatically.
When Bitcoin was introduced in 2001, the price of Bitcoin at this time was one dollar, while in today's time the price of a Bitcoin is 6,96,047 Indian rupees. And this is going on increasing every day, due to which there is a lot of demand.
How To Get Bitcoins?
There are two ways to get bitcoins, either you can sell one of your products online instead of which someone will give you bitcoins. And another method which is a very popular method used to acquire Bitcoins worldwide called Mining.
In this, many powerful computers are connected together and they are solved by mathematical calculation or algorithms, instead of solving these calculations, the owner of the computer is given the small quantity of Bitcoins and new Bitcoins are created every day like this.
Mining these Bitcoins is initially very easy but as time goes by, it gets difficult.
When Bitcoin was introduced, its mining limit was kept so that more than 21 million Bitcoins will never be introduced, which will be complete in the years till 2110 to 2140. And to date, at least 16 million Bitcoins exist.
It is not even necessary to purchase a complete Bitcoin, so if you want to purchase even a small portion of a bitcoin for less money, you can.
Not all information on Bitcoin transactions is stored in one place, rather this information is saved in different databases, which are also called block chains. That's why no person can hack a server and steal Bitcoin data.
Bitcoin Graph From Last 10 Years
Real Time Bitcoin History Chart In USD
If we see in the last several years since Bitcoin has been introduced, then its value is continuously increasing and the interest of people is increasing in it.
When we talked about its transaction, we should also know that in today's date, its transaction is taking place in more black markets and mafia markets. The real reason for this is that no record of transactions in it passes to any third person and because of which all their deals remain secret.
I hope you got to learn a lot of information from this article and got to know something new.
What you think about this, must write your valuable thoughts below.
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