HISTORY of Bitcoin
IN 2008 someone doesn’t know whether man or woman or even the name is real or not. SATOSHI NAKAMOTO created this currency and describes the idea of bitcoin and the technology on which bitcoin or say all cryptocurrency works. And the technology is known as blockchain which even creates a revolution, especially in the banking industry.
What actually BITCOIN is?
It is basically a decentralized virtual currency. What is that mean?. Suppose if Mr. X have t pay some money to Mr. Y then X send that money to a bank, here the bank works as middleman or intermediary between X and Y. While in a decentralized currency there is no middleman or intermediary or say government regulation between X and Y.
It was 1st decentralized cryptocurrency means it is only in digital form one can’t hold it like fiat currency. Unlike fiat currency, it is limited in number there been only 21M bitcoins and so the last bitcoin will available in 2140 because of this value of bitcoin increases incredibly in recent time.
It basically works on the P2P network that is it is regulated by a number of nodes present on the network means every block of the transaction has to get verification through this network. In other words, one says that when it is transacted from one person to another it is verified by miners and when miners verify a certain amount of transaction they get bitcoins for that.
It is created by mining in a similar manner like a gold miner mine gold and gold coin comes in existence, bitcoin miner mines it on their computer to give bitcoin and this is done by setting up the computer to solve complex math problems around the clock and when the problem gets solved user gets a bitcoin. Earlier it was easy to mine but now it takes too much energy and large computer to mine. So mining is feasible if you have a large computer and cheap electricity.
REASON FOR ITS SUCCESS
- Transfer it anywhere in the world
- Low fee of transaction
- Quick transfer
- Account can never be frozen