Some people are born to be unsung and anonymous heroes and the founder of the Bitcoin cryptocurrency known by the name of satoshi nakamoto was one of them. He came up with the idea of the Bitcoin cryptocurrency back in the year 2008 when a huge bank crisis was faced by number of people this was not an ordinary prices but this was a very drastic condition that targeted a number of of individuals and resulted in a massive unemployment leading to insecurity and loss of trust of public from bank and banking system.
He came up with the idea of the Bitcoin cryptocurrency in the year 2008 in the form of a theoretical paper which he presented to the general public. People seem to be very interested in his concept of Bitcoin cryptocurrency. He lost his first ever Bitcoin digital currency in the year 2009 month of January.
The first ever transaction of the Bitcoin cryptocurrency was made on 10th January. At that time people were not aware of the upcoming future of the Bitcoin cryptocurrency and they considered it just as a digital currency through which they can buy groceries or some food stuff.
The person who first used Bitcoin to currency for his online purchase did this on 11 January and bought two pizzas from Papa Johns back in 2009. If he was aware of the creating value on the market rates of a bitcoin cryptocurrency he would have been a millionaire at the moment.
Peer to peer working
The working of Bitcoin cryptocurrency is very unique and it works in a very secure manner. Bitcoin cryptocurrency work in a peer-to-peer fashion for a bi a proper end to end encryption without the involvement of any third party. this makes Bitcoins Very reliable and secure for the people who want to do transaction without involvement of any other agent.
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How Bitcoins look?
Bitcoin to cryptocurrency is not like a gold coin that you may see on the internet whenever you search for Bitcoins but it is the way it is that Bitcoin cryptocurrency is actually a type of computer file that has a specific information stored in it. This computer file is generated by a person called as the Bitcoin Miner. He is the producer of the Bitcoin and he is responsible for keeping the number of circulating Bitcoin in the market up to a certain limit which is about 21 million Bitcoins at a time. However Bitcoin miners have no link with the transactions that day take place by the platform of the Bitcoin cryptocurrency all they can do is to save the transaction details on a public database called the blockchain database.
Block chain network
This block chain database is of great importance because it makes sure that the information about the transactions occurring at that form of the Bitcoin cryptocurrency are made public for the sake of security and privacy. This transaction details include everything except The personal id and address of the sender and the receiver. These things are kept secret for the purpose of security of the user of the Bitcoin cryptocurrency.
Bitcoin cryptocurrency is stored in the form of a digital wallet that has specific information.
Digital wallets are usually of two types; they can be either cold wallets for hot wallets depending upon the need and the type of person using these. Peoplewho want to use Bitcoin and cryptocurrency for a longer and more secure way of dealing prefer using cold wallets while people who need Bitcoin cryptocurrency on their daily payments prefer using Bitcoin hot wallets.
The Bitcoin wallets are secured by two types of keys: public and private keys; these keys are responsible for keeping your Bitcoin cryptocurrency safe and secure and out of the league of all the thieves and viruses.
Key to remember
Before doing any transaction at the platform of the Bitcoin cryptocurrency you should always look for unwanted duplication. All the duplication is nearly impossible in the Bitcoin cryptocurrency because before confirming a transaction you are asked several times about the surety of the transaction that you are going to make.
This is one of the Bitcoin cryptocurrency is made in such a way that you can never reverse a transaction that you have made. sushi nakamoto created between the currency for the sake of a decentralized platform where people can be bosses of their own money. And he is successful upto a great extent.
This paper was meant to throw light on some of the important factors and terms that are linked with the Bitcoin cryptocurrency. Before using Bitcoin cryptocurrency you should be aware of all the pros and cons of digital currency so that you can maximize your profit and minimise your loss.