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Top searched word on Google is "Bitcoin"

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Written by   38
4 months ago

Aslam o alikum!

Most searched word in Google in the last few years is Bitcoin. When I came to this platform, I did not have much knowledge about Bitcoin cash. I had an idea about cryptocurrencies but was not aware of Bitcoin Cash.

So I started searching about it and I found the most talkative topic was Bitcoin.

I was so confused, what is the difference between Bitcoin and Bitcoin Cash. To understand Bitcoin, we need to go past a few years.

How people found Bitcoin Cash? and what the problem is with the banking system.

Overview on Bitcoin birth

Early decades people exchange goods, I mean if I give you an egg, and you would give me an apple.

Later they realized in the exchange system there is no sense of goods values.

After that, they started trading with gold. Because this was rare and according to ancestors having more value. Later, everyone accepted this system. But carrying gold was a very big problem and the insurance system.

But after a few years governments introduced paper currency and the banking system came into existence. They said that they should give gold to banks and get paper currency. This paper has specific value, you can buy stuff with this paper money.

In October 2008 a paper was published and the objective of this paper was that you can get rid of the banking system by introducing digital currency. This paper was published by a man named Satoshi Nakamoto.

But all governments refused it because the banking system could collapse. Bank saved our money but further they divided it to next customers. Banking system doesn't allow you to withdraw all your money at times because they circulate money. If your digital currency is accepted, no government share could be left. That's why all government systems are against it.

What is Bitcoin?

Bitcoin is a digital currency with no physical existence. When we buy Bitcoin actually we are buying a code or address from which we transfer our coins to another party. All transactions are done by computer system.

So for this purpose we need the biggest computer setup which controls all transactions. So we need a complicated setup of computers then again Third party involvement, so this is no different from banking system.

To solve this problem. They introduce the Bitcoin mining system.

Bitcoin mining system

Different people run into the Bitcoin problem by using their computer and need a graphics card to run the miming system. Actually mining is in simple words you are running a Bitcoin system. When you run a Bitcoin program, you are actually controlling transactions through your computers. At the end, you get a tour reward in Bitcoin coins.

You can run a miming program as much as you want. Now here is a simple point:

A million of people are mining and getting their rewards, so this Bitcoin system is divided and no one can claim that is his/her authority. That's why Bitcoin has no own office or branch, this is controlled by millions of people.

Secondly, this system is divided into different parts and different people running these systems on their computers, so there is no chance of hacking. Because not controlled by a single computer set-up. Millions of computers controlling it. That's why this is also called blockchain.

Bitcoin is limited

Its value increases by increasing its demand. Few years ago, you could mine 200 Bitcoins in one day. But nowadays to mine 1 Bitcoin it can take 1 half year or maybe more.

Yeah, its value depends upon people's acceptance ratio. If people are against it, then definitely Bitcoin value decreases. If people start accepting it, then its value increases. No doubt its value increased in the last few years.

Keep in mind, Bitcoin is limited, only 21 million Bitcoins are available. You can mine at limit. This is not unlimited, that's why it has more value and Price then other Crypto Currencies.

Bitcoin problems

  • People don't accept it easily just because this is not anyone's property and if you are dealing with cryptocurrencies you are dealing at your own risk. If you are doing an investment , if unfortunately the coin price slows down, or sometimes you lose your cousin, you can't complain to anyone about it. That's why people don't trust them easily.

  • No governments accepted it till now. So there are no records of Bitcoin transactions. So the government considers it illegal but in my country this is not illegal, but you can't send it abroad. If you send it then this would be illegal but in Pakistan if you send it to anyone then this is not illegal.

  • So I said no involvement of the government, so anyone can do illegal activity like terrorist finding etc. This is risky. If the government sets up a system to look over all transactions, then this matter can be solved.

  • Volatile in nature. Bitcoin price increases and decreases with passage of time, even in seconds. Maybe you bought a coin two minutes ago, and you want to sell it, maybe you get less price or by luckily you can get double. This depends upon your luck and risk.

How can we use it?

Two methods, one is doing transactions and this is depending upon you how much the next person shows interest to buy your coin. Actually, your coin value and market capitalization define the price of the coin. Then you can withdraw them on local currency by selling your coins.

Second method, you can invest Bitcoin and can double them. This is also risky. Also, your luck does matter. No one can guarantee you have to take risks on your behalf. But believe me if you would invest you would get profit. Because on a daily basis people are accepting Bitcoin.

PayPal, Tesla like big combines already invested in Bitcoin. So there is less chance of loss.

Synopsis

Bitcoin is trusted crypto currency because it is at top in market ranking and unfortunately now days its price down but it would goes to mood again. Now a days its value at 46000$ still at good position.

But honestly for us more appropriate is Bitcoin Cash with peer to peer transactions and with a lot of uniqueness. Its price also affordable.

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Written by   38
4 months ago
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Comments

Brother, I didn't know this back history of the banking system and about Bitcoin. Thank you for sharing this. I get much knowledge after reading this. Everything is evolving and I believe that cryptocurrency is our future and we should save it for our better future.

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4 months ago

Inshallah and you are most welcome ☺️

$ 0.00
4 months ago

it would be better if people could save BTC when it was in airdrops, now as time passed, its value increased. for me too, I would choose BCH because of its several advantages

$ 0.00
4 months ago

You are right but I can't afford to busy even 1 BTC haha . So better we should focus on another option BCH. Yeah better i have it in my wallet.😁

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4 months ago

yes, grapes are sour for us😁

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4 months ago

Hahhaha bilkul 🙌 😃

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4 months ago