• How did Bitcoin become known to the world?

At the end of 2012, a large-scale cyber attack called the Relson computer hacking program became involved in all the world's famous computer systems. The United States and the United Kingdom attacked the virus in about 165 countries in China. It is claimed that the ransom is not a conventional currency, but a strange currency called Bitcoin. If you pay 300 300 in Bitcoin, you will be released, and since then it has become popular in all parts of the world.

• What is Bitcoin really?

Coinage began to circulate. People first exchanged money with each other through the medium of exchange, after which they changed it about 400 years ago to melt copper and create coins, and with their hands came the use of paper money and transactions.

Bitcoin is a type of digital currency or electronic currency that cannot be captured or touched again. It does not require a financial institution to transact. It can be said that an unknown person with a name like Shatoshi invented it in 2008. Bitcoin. In 1 crore Shatoshi 1 bitcoin transaction is done from customer to customer device which is in online mining method.

• How does Bitcoin work;-

Bitcoin is a completely virtual currency. It does not require a bank to transact or save. Although it cannot be touched or touched, its use is similar to that of ordinary coins. Bitcoins are used to purchase products and services online. Many people keep depositing bitcoin in the hope of future price increase. Bitcoin transactions are done through peer-to-peer system. Bitcoins are stored in the user's wallet. Wallets can be both online and offline. Wallet is a kind of personal small database. This database can be stored on computer drives, smartphones, tablets or cloud storage. Various applications have also been created for use as wallets.

Each wallet has a specific address. This address is encrypted. Bitcoin transactions are made by transferring bitcoins from one address to another. Each transaction is recorded in an open ledger called Blockchain. One bitcoin is added to the network after each transaction is completed. This is called bitcoin mining. Blockchain and bitcoin mining are two important issues in the Bitcoin transaction system. Without a detailed knowledge of these two issues, it is not possible to fully understand the bitcoin transaction system. But we will not go so deep. Let's not easily know about these two things.

• Advantages of using Bitcoin: -

One of the main reasons why Bitcoin has gained so much popularity in such a short time is the unique benefits of using it. Bitcoin is a decentralized currency system. There is no interference from anyone. The government, banks or any other financial institution cannot change its value even if it wants to. Each bitcoin is owned by the user himself. He is not responsible to the government or the bank for this. Due to mistrust towards the government and banks, people gradually started liking this feature of Bitcoin. Another of the main reasons for its popularity is the privacy of its use. Bitcoin users can transact anonymously. This ensures the safety of the user.

The user does not have to provide any personal information to open an account for using bitcoins. There is no additional fee to open this account. Bitcoin transactions can be done very quickly. Bitcoins can be transferred from one end of the earth to the other in a matter of moments. This transaction process is very transparent. Records of each transaction are attached to the blockchain database. As the blockchain is open to all, there is no scope for fraud. There are so many benefits to Bitcoin that no single currency system can provide a single currency without Bitcoin.

• Why is Bitcoin so popular with criminals:-

Bitcoin is being used to protect confidentiality transactions. People in any country of the world will never know who has been paid and how much money has been paid. Various tools including arms trucks are being traded through various money laundering. The government does not have to pay tax on all black money. Owners are investing in Bitcoin. According to experts, Bitcoin is being used more and more in casinos to sell Drago weapons and various types of tools around the world.

@TheRandomRewarder I hope like this article.