What is a bitcoin and who came up with the idea?
Bitcoin is an electronic currency that only exists on the internet. Many people have cheated it and some consider it a devilish trick but there is no such thing. Today we will tell you what a bitcoin is.
You can't touch a bitcoin because it's in your online wallet on the Internet - and that's where you can buy and sell it.
The concept of the bitcoin was introduced in 1982 by a computer scientist named "David Choum".
The scientist published a research paper called "Blind Signature for Intrasable Payment" in which he wrote about three features of bitcoin that were something like this.
Features
1. The third person will not 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 turn this idea into reality, David Choum even set up a company called "Diggy Cash" which did not succeed.
Many people tried to make this idea come true but could not succeed.
Then somewhere in 2008 a computer expert "Satoshi Nakamoto" turned this idea into a reality and bitcoin was invented from here.
The tendency of people towards bitcoin decides what its value will be. That is, the more people who buy it, the more it costs
Increases. In November 2018, the price of a bitcoin was 42 4278, which in Pakistani currency is Rs 574255.
There are only two ways to get a bitcoin - one is to sell one of your products on the Internet and exchange the buyer for a bit.
Get a Coin - and the second method is known as bitcoin mining - for this method, very large mathematical acquisitions are made solo by assembling a very powerful computer, in exchange for which the computer owner Get some bitcoins as a reward - this method is very easy in the beginning but later it becomes very difficult.
But bitcoin has some disadvantages.
1. The price of a bitcoin is not always the same. Depending on the circumstances, it may lose its value and gain more than ever.
2. If you don't have internet, you don't have bitcoin.
3. Bitcoin is a difficult link from earning to collecting and using it. Educational skills, hard work, and the use of the Internet are essential to understanding bitcoin.
4. There are very few businesses and banks that use bitcoin, which makes the scope for bitcoin users very small.
But there are more benefits to this coin than the disadvantages.
1. Sending money is taxed at zero.
2. You do not have to change money when sending money to another country.
3. A bank or any other money transfer company has to provide its personal information, but there is no such system in Bitcoin.
4. Anyone who has access to the Internet is a bitcoin.
5. Bitcoin will not have to handle things like credit cards, debit cards, notes and coins.
6. Your money is always safe.
7. There is no third party between the sender and the receiver.
8. You don't have to go anywhere for payment.
But despite the success that bitcoin achieved, it has been years and i think will always be a mystery forever for the true identity of the man behind it's success, Satoshi Nakamoto. We only know when he was born and where he came from but that is all. No one ever knows the true life and his backgrounds. And the fact is, we are not even sure if Satoshi Nakamoto is a man or woman. We can only spectaculate. But it all thanks to him, we had bitcoin- the first ever decentralized coin deployed.