What is Bitcoin ?

0
29
bitcoin

Bitcoin is a digital currency. Its entire operation takes place through the Internet. Bitcoin was created by Satoshi Nakamoto in the year 2009. Gradually its craze increased and people started taking more interest in it.

The thing to note is that till date no one has been able to find the real identity of the Bitcoin creator.
The world is rapidly moving towards the digital world. Every day some new innovation is coming. One such innovation is Bitcoin. Bitcoin creator “Satoshi Nakamoto” is missing from the world till date and no one has been able to find out his real identity.

Many people tried to identify the creator of Bitcoin but they failed. Along with this, some people claimed to be Satoshi Nakamoto but this could not happen due to lack of any concrete evidence.

Bitcoin is based on blockchain technology. Just as banks use RTS and NIFT to send money among themselves, similarly when we send Bitcoin from one person to another, blockchain works as a validator.
Miners validate Bitcoin transactions and in return they receive mining rewards. Today the price of Bitcoin is touching the sky and everyone is in a race to buy it. According to some expert traders:
Bitcoin is likely to reach $100,000 by the end of 2024.

What is crypto mining?

Crypto mining is a process of validating transactions. Without crypto mining, it is impossible for Bitcoin transactions to be successful. For example, A&B are two users, here B is the receiver and A is the sender. When B sends money to the sender, the transaction goes into the blockchain ledger. After the transaction goes into the blockchain, MINER validates the transaction.
After the transaction is completed, the miner gets the reward. Different countries have their own opinions on Bitcoin, some countries are adopting Bitcoin wholeheartedly, while some countries are opposing it or imposing high taxes on it.

Benefits of bitcoin

  1. The biggest advantage of Bitcoin is its decentralized nature. P2P transactions can be done with Bitcoin.
  2. The supply of Bitcoin is limited which is around 21m. Its price due to limited supply
    Continuously increasing.

Future of Bitcoin

Looking at the continuous Bitcoin and crypto adoption, we can say that the future of Bitcoin is very bright as time progresses.
Instead of banning it, governments of all countries should adopt it with strict regulation.

Disadvantages of Bitcoin:

  1. Bitcoin can also be used for wrong purposes. Like terrorism etc.
  2. The transaction fees of Bitcoin are continuously increasing and along with it the speed of transaction has also decreased.
  3. Bitcoin and crypto do not come under the control of the government, that is why when something happens to you, the government will not be able to help you.

Future of Bitcoin

Looking at the rapidly increasing crypto and bitcoin adoption, it clearly seems that the future of bitcoin is very bright and all the governments of the country should adopt it.

Translated Via: Google Translate

Comments are closed.