Bitcoin Explained

What is Bitcoin?

In this article, the Bitcoin Explained in a quick and short way. Bitcoin is the world’s first open-source digital asset designed by Satoshi Nakamoto. It was designed to work as a medium of exchange that uses Cryptography to control its creation and Management, rather than relying on Central authority.

You can exchange your Bitcoins to any other currency or you can buy some services. There are a few things you should know before getting started with Bitcoin because these are the main difference which separates Bitcoin from usual banks.

  • Military Grade Security

Bitcoin uses sha256 encryption which is almost impossible to crack but even if someone tried to crack a private key, it will take a supercomputer 3 years of constantly cracking to be able to get success.

  • Transparent Network

People can see Balance and other transaction details by accessing the block explorer, it allows users to get everything transparent so they can see where someone is sending or receiving their funds.

  • Irreversible Transactions

As there is no central authority in bitcoin so no one can reverse your transactions. This feature is good and as well as bad for different users.

  • Limitless Balance

You can Divide Bitcoin up to 0.00000001 btc (1 Satoshi). You can keep from 0.00000001 btc to millions of dollars in your account an no one is going to ask you any questions about it.

  • World-Wide Transfer

Bitcoin can be transferred all over the world because it has no restrictions in it. It is instant and it has the same value everywhere in the world.

  • Transaction Confirmations

Bitcoin is instantly transferred anywhere but it must be passed through a process called mining to validate its existence in the network. 0 Confirmations are not secured and 3 confirmations are considered secured.

  • Fixed total Money

As our fiat money (Paper Currency) can be printed by RBI as much as they want and it cost us for that, But in bitcoin, the total number of coins which are going to circulate in the network is fixed. There will be only 21 Billion Bitcoin in the network total in circulation once they all are mined.

Also read – Top 10 Online Scams You Must Be Aware Of.

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