Bitcoin Cash

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3 years ago

Hello guys, This is @abir997  Today, as every day, I have come up with a new article which is called "Bitcoin Cash"

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Bitcoin (₿) is the world's first open-source cryptocurrency known as a decentralized digital currency. No financial institution or clearing house is required for transactions here and it is not a currency issued by the government of any country. In 2009, Satoshi Nakamoto, a pseudonymous person or group, introduced the coinage, known as peer-to-peer coinage.

Bitcoin transactions are transacted directly from the sender to the recipient's computer online. These transactions are authenticated through cryptography and are publicly recorded in a ledger that is distributed to all. This open and distributed ledger is called a blockchain. Bitcoin is produced through mining where transactions are recorded and verified based on the processing power of the computer. The total amount of bitcoin that will be generated from the transaction decreases every four years. Thus, a total of 210,000,000 bitcoins will be created by 2140 and no new bitcoins will be created later.

Since no financial institution is required to complete the Bitcoin transaction, detailed information about the actual credentials of the sender and receiver of the transaction cannot be followed. Bitcoin is becoming increasingly popular in more than one country. Bitcoin is currently used as a digital currency, product or service. In addition to legal goods transactions, Bitcoin is also used for drug smuggling and money laundering. Although Bitcoin has gained popularity as a digital currency, it has been criticized by many for its sharp fluctuations against various international currencies, its scarcity, and its limited use in business.

Bitcoin's first ATM machine was recently launched in Vancouver, Canada. The US and Canadian governments are considering registering Bitcoin customers to curb drug, smuggling, illegal arms trade and other illegal uses.

Bitcoin transactions are either peer-to-peer or from customer to customer's computer. It does not pass through a central clearinghouse or has a regulatory body to control it. All Bitcoin processing is done online through an open source software. Anyone can generate bitcoin through Bitcoin Miner. The process of generating bitcoin is always predictable and limited. As soon as Bitcoin is generated, it is stored in the customer's digital wallet. If these stored bitcoins are sent by the customer to someone else's account, a unique electronic signature is created for this transaction which is monitored by other miners and stored confidentially but securely within the network. At the same time the current ledger of the customers is updated in the central database. When a product is purchased with Bitcoin, it is sent to the seller's account and the seller can later repurchase the product with that Bitcoin, on the other hand an equal amount of Bitcoin is deducted from the buyer's ledger. The total number of bitcoins is redefined every four years to keep up with the real currency.

Bitcoin is considered by many to be the future money.

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