As usually Cryptography means the technique of writing/solving complex codes we know mostly. By encrypting or transforming the valuable data into an unreadable format (cipher text) by which we protect the valuable data & keep it into a safe zone. A secret key/codes also is used to produce the decrypt the locked data & messages into plain text.
All kinds of credit card information, email messages, business and corporate data and many more are used to protect by Cryptography.
What is Bitcoin and how does it work.
What is Mining
It is a record keeping service through the use of computer processing power. Miners maintain the Blockchain consistent, complete and unalterable by repeatedly grouping newly broadcast transactions into a block which is then broadcast to the network and verified by the recipient nodes.
What is Blockchain Technology
The Blockchain is a public ledger system in the Bitcoin software to keep up the transactions-record of Bitcoin, created as a chain of Blocks containing a Hash (SHA-256 cryptographic Hash) of the previous Block up to the Genesis Block (genesis block is the block number-0 and doesn’t have a previous block to reference) of the chain. A network of communicating nodes running Bitcoin software maintains the Blockchain.
The network nods can validate transactions, add them to their copy of the ledger and then broadcast these ledger additions to other nodes. To complete independent verification of the chain of ownership each network node stores its own copy of the Blockchain. In every 10 minutes a new group of accepted transaction called a Block is created and added to the Blockchain and published to all nodes very fast without requiring central oversight and this process detect particular Bitcoin activity details & prevent double spending.
All necessary information to transact Bitcoins are used to store in the WALLET or the digital money bag. It stores the digital credentials for user’s Bitcoin holdings and permit one to access in and spend them.
Transactions and units of Bitcoin
Bitcoin transactions consist of one or more inputs and/or outputs. The users send Bitcoins, he/she designates each address and the amount of Bitcoin being sent to that address in an output. To prevent double spending each input must refer to a previous unspent output in the Blockchain.
The ticker symbol of Bitcoin is BTC or XBT.
– 0.001 Bitcoins represents as milli-Bitcoin (mBTC).
– 0.00000001 Bitcions represents as Satoshi.
Necessity of Bitcoin and Concerns
Bitcoin has no risk of inflation, reduced transaction fees, fast transactions or quick payments, get a safer eco-system, international payments made easy, no third-party involvement and easy to use in any situation.
But remarkably for several years the misuses of Bitcoins also being happened, and people are concerned about the acceptance and uses further. Very few countries are accepting the system now, yet many developed & modern countries are also keeping ahead it concerning different system complications, private and public property or liquid money piracy phobia through web hackers, lack of vast social recognition, become unable to detect offensive payments activity and finally the great loss of countries fiat currency value.
BTC conversion rate against major world currencies as of now (As of 23 December 2019, the latest BTC conversion rate.)
— 1 BTC = 7521.99 USD
— 1 BTC = 6790.06 EURO
— 1 BTC = 6136.15 GBP
— 1 BTC = 7406.09 CHF/Swiss Franc
— 1 BTC = 9926.70 Canadian Dollar/CAD
— 1 BTC = 10900.50 AUD/Australian Dollar
How can you earn Bitcoins
–By online you can earn free Bitcoin or Satoshi’s through different sites.
–Working for Bitcoin is one of the easiest and most legit ways to earn Bitcoins.
–Also trading Bitcoins is another legit and cost-effective way to earn Bitcoins.
–By lending you can earn BTC.
–By helping people and from faucets you can earn BTC.
Crypto-currency exchanges and other digital currencies
Crypto-currency exchanges or Digital currency Exchange (DCE) is a business that allows customers to trade in crypto-currencies like Bitcoins and others for other assets, such as conventional fiat money or other crypto-currencies. Here also you can watch the Bid/Ask spreads and existing platform service charges. Some well-known decentralized exchanges such as Ether delta, IDEX and HADAX provides only peer-to-peer crypto currency trading not to reserve users’ funds.
Now revealing the market capitalization of Bitcoin and other Crypto currencies as of 23rd December 2019
Future of Blockchain Technology
There is no word and existing an uncertainty centering around the validation of Bitcoin and other digital currencies, so very hard to buy or invest into any kind of crypto currency. But surprisingly the elegant and excellent BLOCKCHAIN technology may help a lot to the society in near future. The peer-to-peer transaction technology, prevention of double spending, unique security features, short time span of transactions and other qualities make the BLOCKCHAIN technology acceptable. I think the govt. should alleviate the proposed technology, modify it whenever it needed to execute a separate financial transaction system for mankind for easy to use in less time.