What is bitcoin and bitcoin mining

Bitcoin Mining
Bitcoin Mining

Bitcoin and Bitcoin Mining

What is bitcoin and bitcoin mining, Do you know is Its a Decentralized digital currency. This is the first decentralized digital currency in the world, which is created by “Satoshi Nakamoto” in 2008. It started on January 3, 2009. This is a new currency protected by encryption for mutual payment on mass computer networks. This is Open Source Payment System in the World. You can keep this currency into a Numerical Wallet, just because it made  by numerical system. There are more than 10 million Bitcoins in the world. Above make us about what is bitcoin and bitcoin mining.

What is bitcoin and bitcoin mining

Bitcoin is digital currency. Bitcoin also a Virtual Currency, Virtual means this not a physical form like other currency. It’s a currency that you can neither see nor touch. You can only store the bitcoin electronically and also can purchase at online stores or website. If you have the Bitcoin that you can use it normally like another currency. Bitcoin has no limit likewise Credit Card , Debit Card and some others. Bitcoin operates by its network, it does not operate by any other Governmental  Authority. If you use Bitcoin there is no charges on transaction. Normally if you use the debit card or credit card then customers have to pay the some transaction fees on transaction.

 

It is absolutely safe and super fast and it works anywhere in the world and there is no limit to it. Bitcoin is also a way of earning. Earning means Peoples purchases the Bitcoin and they sells them when they got highest rate in market. Now you can pay bitcoin on many types of platforms like; Air Ticket Booking, Coffee Shop, Hotels and many more. Bitcoin is upcoming vast digital currency in world. Bitcoin does not have any ownership of any particular government or company. There are a lot of website which are accepting the payment by Bitcoin.

Why we use the Bitcoin 

Normally we do the transactions from credit card and ours debit card and Bank charges on our transactions. Actually we pays to Bank for using their services while they should give some benefit to us. In the case of Bitcoin there is none of charges on any type of transactions that we do. You do not carry the any physical media like debit card and credit card withdrawing cash or etc. Using a bitcoin you have to carry only Bitcoin credentials.

 

What is Bitcoin Mining Actually ?

Bitcoin Mining
Bitcoin Mining

 

While we talks about the Bitcoin Mining. It is new word in Bitcoin Era. Mining in the common language means that digs the land and take out Gold or Coal. Bitcoin has no any physical form so here mining is a process to create the New Bitcoin. Method of creating the new Bitcoin called Bitcoin Mining. By mean of Bitcoin Mining means a process of its like a Bit Computer Center which is a decentralized in world. By using power of computers , transactions processes, network security and network synchronization as well. There many Decentralized systems are available in world who controls the Bitcoin Mining.

 

Who is Bitcoin Miners ?

The process of creating the new Bitcoin called Bitcoin Mining and The person who does this task called Bitcoin Miners. There are many Decentralized systems available which does the task of processing the transaction. A single person cannot control the Bitcoin Mining. Bitcoin Miners earns Bitcoin, when one transaction has done successful. Do this task of Bitcoin Mining, Miners needs a Powerful Computer or Hardware and Software to do this task. There are 10 million satoshi in a bitcoin. That is 0.00000001 BTC is called a Satoshi.

 

Post Author: Jitender Kumar

3 thoughts on “What is bitcoin and bitcoin mining

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    Gaurav

    (May 4, 2018 - 7:43 am)

    Considering the current market scenario, what the possibilities for cryptos in near future..? may be if few more currencies joins in at big level, this sector may revive again..

    education

    (June 21, 2018 - 1:52 pm)

    Appreciate you sharing, great blog post.Really thank you! Great.

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