What is bitcoin? A smart introduction

What is bitcoin? A smart introduction

By Naveed Siddique | Crypto ocean | 17 Jan 2021


Everybody must have heard about Bitcoin. It is an electronic currency that only exists on the web .
There are many things in the minds of the people regarding this currency. Some people call it fraud and a few people consider it a devilish trick. But is all this really true or just fables? To answer this question, we'd like to look at the bitcoin.
Definition
The bitcoin doesn't exist physically, but exists in your online vault on the Internet - and that's where you can buy and sell it.
History
If you check out the history of the bitcoin, it had been first conceived in 1982 by a scientist named "David Choum". David Choum also published a research paper entitled "Blind Signature for Intrasable Payment" in which he wrote about the three characteristics of bitcoin which were as follows.
1. The person won't know when transferring money.
2. There will also be proof of payment and the identity of the person being paid will be known.
3- The stolen money can be prevented from being used.
To make this concept a reality, David Choum even found out a corporation called "Diggy Cash" which was unsuccessful and closed down within the late 90's.
The series went on like this and different people tried to form this concept come true under different names but couldn't succeed.
In 2008, Satoshi Nakamoto, a computer scientist, made this idea a reality, and from it the bitcoin was invented.
Ways to get it
There are two ways to get a bitcoin - one is to sell a service or product on the Internet and get a bitcoin from a buyer in return.
The second method is known as bitcoin mining - for bitcoin mining, a very powerful computer is put together to make large mathematical acquisitions solo in return for a reward to the computer owner. Some bitcoins are found on it - this method is very easy in the beginning but over time it becomes very difficult.
And after a few days, the time comes for you to spend more than the bitcoin you earn.
Price
Bitcoin price fluctuations are different from ordinary money. In fact, the tendency of the logo towards the bitcoin determines what its value will be. That is, the more people who buy it, the more it will increase in value. According to the data of November 2018, the price of a bitcoin is four thousand two hundred and seventy eight "4278" dollars which is five hundred and seventy four thousand two hundred and fifty five "574255" rupees in Pakistani currency.
Benefits
Let's take a look at the benefits of this cryptocurrency.
۔ you do not need to go anywhere for payment.
۔ There is no need to change money to send money across the border.
۔ There will be no third barrier between the sender and the receiver.
۔ Your money will be safe.
۔ Remittances will be taxed at zero.
۔ Things like notes, coins, credit and debit cards will not have to be handled.
۔ The Internet has access to cryptocurrencies.
۔ Banks or the other money transfer company need to provide their personal information, which isn't the case with Bitcoin.
Disadvantages
While there are many advantages to the planet bitcoin, there also are disadvantages. So let's talk about them.
۔ Bitcoin may be a difficult link from earning to collecting and using, which needs diligence also as academic ability, mobile and internet access. In other words, there's no bitcoin for the corporate during which the workers aren't registered.
۔ If there's no internet then there's no bitcoin.
۔ So far, the number of bitcoin users and banks is very small, which makes the scope for bitcoin users very small.
۔ the worth of a bitcoin isn't an equivalent . Depending on the circumstances, it may lose its value and gain more than ever.
Some more facts
۔ The first price of a bitcoin was in March 2010 which was only ۰ 0,03 and in Pakistani terms it is Rs.
The first thing I bought from Bitcoin was two boxes of pizza that the customer paid 10,000 Bitcoins.
۔ Bitcoin may be a currency that works in every country.
۔ the quantity of electricity a typical home uses during a week is that the amount of electricity it takes to transfer a bitcoin.
۔ there's no barrier between a bank and a agency when transferring bitcoins from one place to a different .
۔ The depository financial institution of Pakistan has banned bitcoin in Pakistan.
The last letter
There is little question that bitcoin are going to be very helpful in solving many human problems and saving time. One of the advantages of this would be that you would lose your life by snatching notes and coins from your pocket. But if this currency isn't used properly, it could lead on to problems within the future. Hopefully this technology will work for man within the times to return .

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Naveed Siddique
Naveed Siddique

I'm a passionate content writer and struggling for my future. I hope my future will be as bright as stars


Crypto ocean
Crypto ocean

Talking about crypto is my formost duty because many people's economy is not dependent on cryptocurrency. So support me if you like my content

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