What is Bitcoin? - Creative Writings

What is BITCOIN ?

Bitcoin is a digital currency . That was created in October 2008. It is assumed that this idea was formed by mysterious hands. It is still a mystery who founded this? but the only thing yet founded is, that someone in the name of Satoshi Nakamoto is the one behind this idea. There is different version about this name. It is said to be also an association. However, the world couldn't reach to a final conclusion regarding this matter.

We know that the world is recently advancing technologically. So, it's believed that he might have thought about it very early. That's why he could contribute it to the world.

So, this Bitcoin is regarded as the first crypto currency in the world. Next to it, Many other crypto currency program have also taken place in the technological world.

A purely new version of electronic cash world allows online payments to be sent directly without restriction of financial institution. Its uniqueness is that our benefits are not prevented. But according to Bank there are lot of restrictions involved.

(Double spending,Security Trust,Authenticity,Verification, Data storage).

Definition of Bitcoin

Decentralized, virtual currency that provides secure global transaction very quickly & without any 3rd party manipulations.

Features of Bitcoin

Bitcoin is a digital currency, a decentralized system which records transaction in a distributed ledger called a block chain.
Bitcoin miners give computer rigs to solve complicated puzzles to confirm groups of transactions called blocks, then upon success, these blocks are added to the block chain records and miners are rewarded with a small number of Bitcoins.
Another participants of Bitcoin market can be to buy or sell token through cryptocurrency exchanges or peer-to-peer.
The Bitcoin ledger is protected against trustless system ; but high profile thefts have occurred.
It is most commonly used by terrorist and drug traffickers, because of decentralized and can't to observe them. Only small numbers are used by transaction.
Only 21 million Bitcoin exist it requires electrical energy to mine Bitcoins.

Transaction

Firstly they defines an electronic coin as a Chain of digital signatures, then the owner transfers the coin to the next by digitally signing with hash of the previous transaction, and to public key of hert owner and adding. These to the end of the coin, and provide ownership on payee to verify the signature.

The benefits of Bitcoin transaction is confirm the absence of a transaction is to be aware of all transaction. But problem of normally transaction is introduce a Central authority.

According to satoshi nakamoto ;The steps to run the network are as follows:

New transactions are broadcast to all nodes.
Each node collects new transactions into a block.
Each node works on finding proof-of-work for its block.
When a node finds a proof-of-work, it broadcasts the block to all nodes.
Nodes accept the block only if all transactions in it are valid and not already spent.
Nodes express their acceptance of the block by working on creating the next block in the chain, using the hash of the accepted block as the previous hash.

Current price of Bitcoin

Growth of Bitcoin in the world

Wiki Leaks

Wiki Leaks is an international non-profit organisation that publishes news leaks and classified media provided by anonymous sources. It was later decided to close by the government. Funding for Wiki Leaks has been blocked.

But WikiLeaks is a self-described not-for-profit organisation, funded largely by volunteers, and is dependent on public donations, so the public was using the online payments method without government restrictions, Then the way they found is cryptocurrency. With this, the demand for Bitcoin increased in the world.

Silk roads

Silk roads is one of the most influential people in increasing the demand for Bitcoin. This app was not available on internet until the advent of Bitcoin. With the advent of Bitcoin began to work more easily. This app is usually use to illegal activities (drugs, Weapons).

It is even suspected that such covert transactions are linked to a secret organization. Even the people who work on it have no idea about the real owners behind it, Moreover, such cryptocurrency systems are used for illegal activities. Some doubts were raised on social media. That this online system is affiliated with a secret organization called the illuminati.

About muhammed midlaj c

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.