What is Cryptocurrency । What is Bitcoin
Hello friends, so many of the public still do not have any idea about Cryptocurrency that what is Cryptocurrency ?? From which cryptocurrency is it? What are its advantages and disadvantages? What is bitcoin? How to buy and sell bitcoin? All these questions are still running in the minds of the people. Today this article has been made about this matter.
Today’s article is about Bitcoin and Cryptocurrency information. Recently this topic has been in a lot of discussions, because of the very fast fluctuation in the price of Cryptocurrency.
What is Cryptocurrency?
Cryptocurrency also called virtual currency, is a digital currency, which is created from the software (algorithm) of a computer. It is an independent currency, it cannot be operated by any country, any institution, any bank, or any government. Still many countries have not yet recognized Cryptocurrency. The US also has not given any recognition yet.
Talking the history of Cryptocurrency, it was started in 2009 and that digital currency was “BITCOIN”. It was created by Satoshi Nakamoto of Japan Engineer, did it? Today, more than 1000 such Cryptocurrency is available.
Cryptocurrency How does it work?
The record of the transaction of cryptocurrency is kept in many computers and is kept in each block, each block contains the cryptographic hash of the previous block, Timestamp, Transaction, Sender, Receiver, and Account are the data of all this information and all these blocks join each other to form a Block Chain. (We will understand this topic in detail later)
How many types of Cryptocurrency?
BITCOIN is also trading in the currency market like Cryptocurrency. Which are very good such as Ethereum (ETH), Cardano (ADA), Bitcoin Cash (BCH), Litecoin (LTC), Dogecoin (DOGE), Polkadot (DOT), Monero (XMR), Binance Coin (BNB), Stellar (XLM), Tether (USDT), etc. (We will understand this in detail in a news article)
What are Cryptocurrency’s Advantages and Disadvantages?
Cryptocurrency has many advantages and disadvantages too. The advantage of Cryptocurrency is that it has been created digitally from the software (algorithm) of the computer, Due to which the chance of fraud is zero and its disadvantage is that there are huge up-downs in their market rate, due to which there is also a risk of loss.
There is no control over Cryptocurrency and because of this, the drug mafia, illegal arms dealers, black marketing, etc., misuse this currency.
To know more about Cryptocurrency > Click Here
What is Bitcoin?
Bitcoin was mentioned to us earlier as well and for the last several months it has been a very popular topic in our country. It is a Cryptocurrency i.e a virtual currency, it also runs on Block Chain. People use it to purchase things, pay salaries, and do bitcoin transactions. Bitcoin 1 coin price was 0.06 USD in 2010, today in July 2022, the price of 1 Bitcoin coin is $19300, which touched the highest price of $69000 in Nov 2021.
The world’s first bitcoin transaction was done by Laszlo Hanyecz On May 22, 2010, Laszlo Hanyecz gave 10000 bitcoin for a pizza
And to remember this event, every year 22 May is celebrated as “Bitcoin Pizza Day” all over the world. Bitcoin is available in very limited quantity and not more than 2,10,00,000 (21 million) Bitcoin (Mining) can be created.
Only the Bitcoin key address is used in the transaction of Bitcoin. The name of the receiver or the sender is not known. For the transaction of Bitcoin, you can do transactions through this by creating your account in any Block Chain. The smallest number of bitcoins is called a satoshi, which is associated with the name Satoshi Nakamoto.
How to buy bitcoin?
There are so many Google apps available to buy bitcoin, you can download it and buy bitcoin by doing Resister in it.
What is bitcoin mining and how is it done?
Bitcoin being a digital currency, it does not have any physical form, so it is mined or manufactured on the computer itself. There are miners all over the world for bitcoin mining, who do mining work. It is not the job of a human to create Bitcoin. These are the miners, they create it through the transaction process.
Miners require powerful computers and mining software to complete the transaction. This is a mathematical process that is very difficult and a long process with millions of calculations. Then bitcoin is created.
So this was today’s article related to Cryptocurrency and Bitcoin.
To know more about Bitcoin here > Click Here
Friends, in this article, information related to Cryptocurrency and Bitcoin has been given in detail. If you liked the information related to cryptocurrency or bitcoin, then you must share it and if you have any kind of question or dilemma related to cryptocurrency and bitcoin, then you can ask questions in the comments box given below.
For Latest News Updates on Crypto Currency > CoinDesk
For Latest Price of Crypto Currency > Coinmarketcap
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?
Our passion is for Finance, Stock market, Motivational, Vedic Astrology, Health care, and Yoga.