I am @Kawser199Come back with second part of Bitcoin and Digital Currency.

One of the great features of Bitcoin is that it is associated with a ‘peer-to-peer’ payment network of the same name, and even more new currencies are created through this network, just from the air! However, the dollar-euro is also created by the central banks with such 'magic'.

The job of the Bitcoin network is to establish evidence that "Dabir has ten rupees to give to Sagir, and that he is not cheating by promising to give the same ten rupees to the land at the same time." That is, to solve it by organizing it as a problem of mathematics. Behind this math puzzle is a subject called cryptography, which deals with the use of two numbers called private keys and public keys, or encryption-decryption. This encryption technology is about forty years old.

Suppose you send Bitcoin to - Nasif - Sohag. That is why you have to mention the public key of Sohag, i.e. his numerical identity, the amount of money due, and when Sagir will be the sender, will it be proved under the condition that he has the right to send the same amount of money to someone else.

When Sohag initiates a new transaction to send money to Assad, the Bitcoin network explores and identifies all of Sohag's previous transactions with his public key. Then if he is determined to spend that amount of money, Sohag will have to indirectly prove that he has the twin private keys of that public key, which only he knows. There is no need to reveal Sagir's private key network to show this evidence, the 'indirect evidence' he shows is enough, and it is impossible to find out his secret private key by calculating the opposite of that evidence.

Calculating this complex calculation by hand is not an easy task. There are millions of computers in the Bitcoin network for that. These computers are spread all over the world, you can also participate in it by running bitcoin software on your computer. This is called peer-to-peer network. The computers on the network are always trying to solve the mathematical problem of one or another 'block' consisting of a few legitimate transactions together. Their job is to find a number that, when added to a block, will give the block a special mathematical property. The one who will come up with the solution first will let the others know, and they will verify it. Once verified, this block will be added at the end of the previous block and everyone on the network will update their transaction account. A blockchain is a digital account made of interconnected blocks.

For the computer that can successfully ‘block’ a block, there is a newly created bitcoin in return for its work, which is added to the account in an ‘airy’ (!) Way. This is the proof of the work of this 'minor' computer. Bitcoin has no real existence, just a number mentioned in the blockchain. The complexity of the mathematical problem that minors have to solve also changes the code of Bitcoin in such a way that on average one block is closed every ten minutes. The block closed, his reward halved after four years, now twelve and a half bitcoins per block. In most cases, hundreds of computers try to close a block together, and if they succeed, they share the prize. Such a group of coordinating miners is called a 'mining pool'. No matter how it is mined, it is not possible to get more than 2.1 crore bitcoins in total, and about 1.6 crore have already been mined.

I don't know how much I could explain. Maybe you think this is a monopoly board game! That's a lot! But you are getting many benefits in this game.

For example, people use money because they have confidence in it. The inventors of Bitcoin have also built that trust here within the peer-to-peer network. If someone claims to the network that he owns a few bitcoins, the network will catch him by verifying it mathematically, and that claim will not be added to the blockchain. Even hackers can't control millions of computers and change accounts overnight.

Then suppose there is no bank to send money to anyone in any part of the world, no need to wait for two days, no big fees. And you or the recipient do not need a Social Security number or identity card to submit their identity. There is no point in knowing the public key of the recipient, knowing his name-identity-account number.

Even after all these advantages, the matter remained a game until a large number of players took part in it and made the system trustworthy.

So, things started to get serious from the game because of a website called Silk Road.....

Thanks for Reading....

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