Crypto-currency | details of Mining, Blockchain technology, Bitcoin, crypto-exchanges.


Crypto-currency






The digital asset CRYPTO-CURRENCY build with a strong cryptographic method to provide secured financial transactions, check the creation of extra units/currencies, verify the transfer of money and assets; has no centralized control & central banking system for this virtual currency; strongly works through DISTRIBUTED LEDGER Technology called the BLOCKCHAIN which serves as a public financial transaction database. As a result, in 2009, an open sourced-software first released named BITCOIN recognized as the first decentralized crypto-currency.








Cryptography





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.





Bitcoin is a decentralized crypto-currency/digital currency works as a sole administrator transact as user to user on the peer-to-peer Bitcoin network and free from the activities of intermediaries. A software developer known as Satoshi Nakamoto (disguised name) or a group of people invented and released this open sourced software or Bitcoin in January 2009. Bitcoins are made as a reward for a process known as Mining, can be exchanged for other currencies, products and services through Crypto-currency wallet.









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.







Bitcoin Wallet.

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.






Transaction and Units of Bitcoin.

Bitcoin transactions consist of one or more inputs and/or outputs. The users sends 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 recognization, 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 Satoshis 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 ; 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 others 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 EtherdeltaIDEX 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 centring 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.



Crypto-currency | details of Mining, Blockchain technology, Bitcoin, crypto-exchanges. Crypto-currency | details of Mining, Blockchain technology, Bitcoin, crypto-exchanges. Reviewed by San Jarvis India on December 23, 2019 Rating: 5
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