what is bitcoin
what is bitcoin

Bitcoin is an innovative payment network or remittance network and a new kind of money. On the other hand, Bitcoin() is a cryptocurrency. This is a decentralized digital currency system, but there is no central bank system or single controller and all the transactions will be done on a peer-to-peer bitcoin network without the need for agents.

Why bitcoin and CryptoCurrency So Unique?

  • Fastest peer-to-peer transactions
  • Worldwide payments system
  • Low processing fees
  • No intermediaries 
  • Bitcoin is open-source
  • its design is public
  • nobody owns or controls Bitcoin  
  • everyone can take part

Who Created Bitcoin and When Bitcoin created?

Bitcoin was born in 2008 by an anonymous character or group of people using the name Satoshi Nakamoto and began in 2009. They released its source code in 2009 as open-source software. The website name “bitcoin.org” was registered on 18 August 2008. On 3 January 2009, the bitcoin network created when Nakamoto mined the first bitcoin block of the chain, and its called genesis block.

Units and divisibility

The unit of the bitcoin system is a bitcoin. Ticker symbols used to represent bitcoin are BTC and XBT. Its Unicode character is ₿.

And small amounts of bitcoin accepted as alternative units are millibitcoin (mBTC), and satoshi (sat). A satoshi is the smallest amount within the bitcoin system, and it is representing 0.00000001 bitcoins.

Blockchain

The bitcoin blockchain is a public ledger that records all the bitcoin transactions. It completed as a chain of blocks, each block containing a hash of the previous block up to the genesis block of the main chain.

Here you can see how blockchain is working by looking at this picture 

how blockchain is working
here you can understand the blockchain system

How is Bitcoin generating to the world?

This system called Bitcoin Mining. Mining is the process of employing computing power to process transactions, secure the network, and hold everybody in the system to synchronize together. And also it can be seen like the Bitcoin data centre but its fully decentralized system with no central mining authority.

This method is introduced to as “mining” as an analogy to gold mining as it is also a substitute device used to issue new bitcoins. This mining system required until the last bitcoin is released.

How does Bitcoin mining system performance?

Even you and me, anyone can become a Bitcoin miner with running software with specialized devices. Bitcoin mining software monitors for activities broadcast within the peer-to-peer network and works suitable duties to process and verify these transactions.

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