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What is Bitcoin and How is it made | What is Bitcoin Mining

In this article we will know what is Bitcoin, how Bitcoin is made and what is Bitcoin Mining. Even today many people do not have banking facility but there are more number of people who have cell phone with internet and cannot do business through internet. But now it can do so because of Bitcoin because Bitcoin is not owned by any individual, government or company. There is no centralized controlling authority over the Bitcoin currency.

What Is Bitcoin And How Is It Made | What Is Bitcoin Mining

What is Bitcoin

Bitcoin is a Decentralized Digital Currency. It is the first decentralized digital currency which means it is not operated by any central bank. It has been created for payment based on Computer Networking. It was developed by an engineer named Satoshi Nakamoto. This is the pseudonym of Satoshi. Currently, Bitcoin is becoming very popular in the world. It was invented in 2008 by an engineer named Satoshi Nakamoto and was released as open source software in 2009. Currently people are trading by buying bitcoin at low price and selling it at high price.

How is the transaction done with Bitcoin

Generally, there is a transaction fee of about two to three percent for paying with Debit/Credit Card, but nothing like this happens in Bitcoin. It is becoming popular because of its no extra charges for its transactions. Plus it’s secure and fast, encouraging people to accept Bitcoin.

Like any other credit card, there is no credit limit in this and there is no problem of carrying any cash. Every transaction in the entire Bitcoin network can be traced without revealing the identity of the buyer. It is absolutely safe and super fast and it works anywhere in the world with no limits.

Who is using Bitcoin

There are hundreds of thousands of website companies that accept Bitcoin. You can also pay for Plane ticket, Hotel room, Electric, Car, Coffee and any other thing. Every year, from $1 to a million dollars is moved around the world.

Anyway, to take money, we take the help of banks and many companies, all these companies take extra amount to reach our sent money to our people and we have to trust them. The help of Western Union, Money Gram and other companies like them is needed but no approval is required to get this facility.

What is Bitcoin Mining

Today Bitcoin is quite famous. It gets its power from thousands of people who have specialized computers that power the network, secure the exchange over the net and check transactions. This is called Mining.

Mining in common language means to extract minerals by excavation, such as mining of gold, coal etc. Since Bitcoin does not have any physical form, its mining cannot be done in the traditional way. Bitcoin Mining means to create Bitcoin which is possible only on computer i.e. how to make Bitcoin The method of making new Bitcoin is called Bitcoin Bitcoin Mining.

How is Bitcoin made

Miners are those who do the work of mining, that is, those who make Bitcoin. One person alone cannot control mining. Bitcoin is the reward you get for processing a successful Bitcoin Bitcoin Mining transaction. Bitcoin Mining means a process in which the transaction is processed using computing power, the network is kept secure as well as the network is also synchronized.

It’s a bit like a computer center, but it’s a decentralized system that controls miners located around the world. Mining Bitcoin Miner requires a special hardware or, say, a powerful computer whose processing is fast, apart from this, Bitcoin Bitcoin Miningsoftware is required.

How Miners Make Money From Bitcoin Mining

If miners complete the transaction, then they get a transaction fee, this transaction fee is the same as Bitcoin, for a new transaction to be confirmed, they have to be included in the block, there is a mathematical system with it, it has to be solved. That which is very difficult which has to be confirmed.

To proof, you will have to do lakhs of calculations per second, only after that the transaction will be confirmed. As miners join our network, it will become even more difficult for them to find empty blocks for Bitcoin Mining.

Mining work is done by those people who have special computing computers and proper ability to calculate, otherwise the miner will only spend electricity and waste his time. The main objective of Bitcoin Mining is to make the Bitcoin node secure and keep the network away from tampering. At present, it has become a more valuable currency than all physical currencies.

Bitcoin address is used for the transaction of Bitcoin. Anyone can make their account in Blockchain and do Bitcoin transactions through it. The smallest number of Bitcoin is called a satoshi. There are 100 million satoshis in one Bitcoin. That is, 0.00000001 BTC is called one satoshi.

How is the price of Bitcoin determined

The price or value of Bitcoin depends on many things. The two most important of them are supply and demand. Bitcoin is found in limited numbers. Only 2,10,00,000 Bitcoin can be mined. In this case, if there is less demand than supply, the value of Bitcoin decreases and on the contrary, its value increases.

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