What is Bitcoin and how it works
I think that you heard about Bitcoins. So you don't get very well what is that and for what is that, then you need to read this post. Because in this post i'm gonna explain about that and in next post, in future i will post how to get more Bitcoins. Now you ask me for what you need Bitcoins, so you have a Bitcoins, you have a real money. OK read post and you will understand what is Bitcoin.
Bitcoins is crypto-currency [ E-currency ] it can be used to make payments online. Bitcoin payments are easier to make than debit or credit card purchases and It can easily replace them. Bitcoin is a peer-to-peer payment system and digital currency introduced in 2009 by Satoshi Nakamoto.
Advantages of Bitcoin.
- Transparent and neutral
- Instant Payment
- Very low fees
- Secure, Irreversible
- Strong protection against identity theft
Disadvantages of Bitcoin
- Not Yet fully known by average job
- Volatility
- Uncertainty
- Money Laundering
The process of finding new blocks to be added to blockchain is called Bitcoin mining. This is done by a computer program by solving a complex puzzle with real time input of transaction data. Now a days mining requires specialized hardwares and electricity consumption. Miners are rewarded with Bitcoin by the system.
The units of BitcoinThere are 4 standard units of Bitcoin...
1) 1 BTC = 1 Bitcoin
2) 1 mBTC = 10^(-3) Bitcoin
3) 1 μBTC = 10^(-6) Bitcoin
4) 1 Satoshi = 10^(-8) Bitcoin
I hope that you understand what is Bitcoin, the meaning of Bitcoing, for what is that and how you can use it. Soon i will post how to make more Bitcoins the best ways, just stay tuned.
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