Bitcoin popular cryptocurrency

Bitcoin popular cryptocurrency in the world

In the blessing of the internet and YouTube may be we hear about Bitcoin but many of us don`t know properly about Bitcoin. What is Bitcoin? How dose it work? How we can use it? So lets go to start little learning about Bitcoin. Bitcoin popular cryptocurrency in the world and first launch in 2009. If you are new than read the Bitcoin beginner’s guide.

What is Bitcoin?

Bitcoin is a digital currency system. Which has no physical realistic. And now Bitcoin is the most popular cryptocurrency in the world.

Generally, in case of money transaction, we use third party organization. For example, you want to send some money to your friend who stay outside of the country or far away.

Generally to send money, you use your own bank account. Here you are a sender and your friend is a receiver and the bank is a third party or a middleman. Here bank who controls the whole process and takes some profit as a third party service provider.

But Bitcoin such as a currency system where no need any third party. Here receiver direct gets the payment from the sender. This is called peer to peer transaction. In this case the total transaction process is completed with cryptography, which is very complicated.

So, third party agency does not control this process therefor it is not possible to determine the movement of Bitcoin transaction. That`s why nobody knows who the person sending the Bitcoin. Both of them can hide their identity to the transaction.

How did Bitcoin begin?

The domain name bitcoin.org was registered on 18 August 2008.

In November 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. Many people did not know it going to be bitcoin popular cryptocurrency in the world.

Satoshi Nakamoto
Satoshi Nakamoto

 

‘Bitcoin: A Peer-to-Peer Electronic Cash System’ first publish a paper through internet.

This is the first time people know about it. From this time Bitcoin start the mining software.

Bitcoin mining, such a process where Bitcoin are generated by mining. However, since bitcoin is a popular cryptocurrency among the cryptocurrency enthusiast.

How Bitcoin Works?

How Bitcoin Works
How Bitcoin Works

Like ordinary currency you could not transaction with hand to hand. Any bank or organization does not control it. For peer to peer transaction Bitcoin goes direct sender to receiver wallet. Wallets are your money store. Two types of wallet are found. One is online wallet and another is off line wallet.

  • Online wallet: online wallet is the use of your smart phone or any computer device. Every crypto wallet has an address. For any transaction they use this address. When anyone sends Bitcoin, one address to another address, it`s recorded in an open ledger. It`s called ‘Blockchain‘. All the transaction is recorded in this huge accounting system. After finished every single transaction on this network automatically generated a Bitcoin. This system so call mining and minors also reward for this mathematical calculate.
  • Offline wallet:  On the offline wallet you can store , hold your Bitcoin.

How did Bitcoin mining?

The Bitcoin mining process is a complicated system. To mining Bitcoin it`s need specific software. To complete this mathematics solve process, it`s needed high configure computer. The procedure complex numerical calculations. Utilizing PC, CPUs and GPUs. When every Bitcoin is created and it goes through a blockchain recorded.

Bitcoin mining
Bitcoin mining macing

Bitcoin miners have used mine software to validate every transaction. At this time Bitcoin are created through this process. Bitcoin transaction and Bitcoin create process both of go with very safe way. As a result, there have no security risk both of them sender or receiver. They are both safe and stay hidden to the transaction.

How to get Bitcoin?

In different way you can get this Bitcoin popular cryptocurrency. Have a look bellow.

mobail wallet
Image source wikimedia.org

Your first Bitcoin wallet setup is very easy. There has several desktop, mobile app and hybrid wallets are available. You can create an online account in Coinbase, Blockchain.info or any other crypto wallets to store your first Bitcoin.

  1. A mobile wallet such as Airbats (iPhone, Android), CoPay (iPhone, Android) or Mycelium (Android).
  2. As a payment, service or shopping with bitcoins you can use it and get BTC from any exchanges.
  3.  You can get Bitcoin from any person who store it. Moreover you can earn it doing online task.

Bitcoin Unique Features As A Popular Cryptocurrency

    • Bitcoin is a fully decentralized currency system. Government or any authorities are not dominating Bitcoin. Therefore, peer to peer transaction system where every user is the owner of this Bitcoin. Anyone cannot take ownership of Bitcoin network.
    • The entire process of Bitcoin transaction happened without any name or identity. A Bitcoin user can create multiple accounts. To open an account any do not need any name, address or any personal information. As a result, the real identity of the user of Bitcoin can be hidden.
features of Bitcoin
Here are example features of Bitcoin
  • Bitcoin transaction is completed with very transparently. Every transaction is recorded by blockchain ledger and anyone can see this record from any part of the world. As a result, there has no scope of corruption. It is fully open source.
  • Open a Bitcoin account is very easy. In this case, no need to fill up any worrisome form like a bank. Also, no need to submit papers or any fees.
  • Open a Bitcoin account is very easy. In this case, no need to fill up any worrisome form like a bank. Also, no need to submit papers or any fees.

Some Difficulties of Bitcoin

  • Bitcoin is fully offensive. When you send BTC to any wrong person or wrong address you can not bring back to you. You are not able to reverse it.
  • Any authorities can not control this whole system. That`s why both of the sender and receiver can hide their identity. As a result, BTC user can use many illegal activities through this Bitcoin transaction.
  • Many illegal products are exchanged through this cryptocurrency payment. A secret part of internet in the DarkWeb many transactions is made through BTC.
  • BTC price is so volatile, sometimes it`s price is so high and sometime its price is very low.

Bitcoin Price In The Present World

Bitcoin first launch in 2009 with very low value. After a few days its price is increasing day by day. In 2011 Bitcoin price was $0.30 and its first time grow to $32. Next 2013 it`s increased $266. Day by day Bitcoin price are growing.

At the end of 2016 Bitcoin price reached $600. After then BTC price increased record level. So, this digital current next year go high and position it as a bitcoin popular cryptocurrency and acceptable digital currency in the world.

15 Dec 2017 Bitcoin worth $17,900  and reached $19,900. Twenty two Dec 2017 $13,800. Bitcoin worth loses one third of its worth in twenty four hours, dropping below $14,000. five Gregorian calendar month 2018 $6,200 Bitcoin’s worth drops fifty p.c in sixteen days, falling below $7,000.

Bitcoin Price
Prasant bitcoin price analysis

Most of the country in the world Bitcoin is very much popular. Many countries also do not support BTC. More than 30 thousand company or organization is accepting Bitcoin like WordPress, Microsoft, Wikipedia, Overster. Bill Gates, the founder of Microsoft are talking positively about Bitcoin.

Most of the giant company and organization are working to take advantage on blockchain technology. Already amazon blockchain technology, Facebook Blockchain technology and Microsoft are working on it.

Different name of Bitcoin

Bitcoin is a protocol

Bitcoin is a core as per Ivan description who is a block chain and Bitcoin expert over the internet. He thinks Bitcoin is a protocol and protocol is a blueprint. Bitcoin is a network and also called as a network. So it has a different name and different views. Basically protocol means how computer communicate with each other. However, bitcoin popular cryptocurrency all over the world and it is peer to peer transaction open ledger.

The protocol can write on the paper or PDF and it has many theories. For example, the white paper can define the protocol how should it work. Just think, you build a program and write down on a white paper.

The Future of Currency

Bitcoin has stocked a lot of attention over the past decade all over the world. We think the Bitcoin future is bright for greater adoption rates worldwide. Many brands are accepting this currency cordially for it’s bright futures. Mainstream investing vehicles (ETFs) and Futures trading, including Bitcoin that help in reaching that market matures.

We believe Bitcoin and blockchain is the next huge factor in the world. Constant update area unit occurring to Bitcoin and still expertise growth through technological development. Overall analysis bitcoin popular cryptocurrency in the world.

Bitcoin banaer
Bitcoin banaer

Digital Cash

Among the crypto community Bitcoin known as digital cash currency. Because it is the use of the internet like the real world. Moreover, Anyone can buy things like a fiat currency through internet or by physically anything.

Finally, I suggest to you stay connected with this big thing. Don’t miss the crypto rally.

Written by Md Rajib
I learn every day with cryptocurrency sphere. I love Blockchain and cryptocurrency so I am going to share my knowledge who are interested at digital currency. I am also a digital cryptocurrency enthusiast and online marketing expert. I worked a long time as an expert on SEO & WordPress platform.

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