Saturday, 10 December 2016

ALL ABOUT BITCOIN

Bitcoin function over peer-to-peer technology and operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by it’s own network called as blockchain. Every transaction must go by this public network and verified automatically. Hence, the nature of open-source and publicly designed; nobody owns or controls Bitcoin and everyone can take part in this network. Though many of its unique properties and public supported , Bitcoin allows exciting uses that could not be covered by any previous payment system nor any other currency will get this much of value as the Bitcoin stands today in the growth trajectory.

Bitcoin is a virtual currency or digital currency which was developed by an anonymous programmer or a group of developers under the name of Satoshi Nakamoto. It is said that or we may say it’s a rumour that Mr. Nakamoto is from Japan but still nobody knows the confirmed identity of this developer. First, Bitcoin was introduced on 31st Oct’ 2008 to a cryptography mailing list and gradually it is releas2ed as2 open-source software in 2009 and later this whole functionality known as crypto currency. The whole network is peer-to-peer and transactions take place between the users directly and there are no interference of any Govt. or designated body means there are no intermediary. Every transactions are verified by network nodes and recorded in a public distributed ledger called as the blockchain. Users may check it’s transaction of sending and receiving on blockchain (blockchain.info). Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This working activity referred as mining and every miners rewarded with transaction fees and newly created bitcoins. Except mining Bitcoin can also be obtained many ways like exchanged for other currencies and offering product and services. With the growing popularity and uses of bitcoin the U.S. Treasury categorizes bitcoin as a virtual currency which has really no existence but some few bytes of memory.


Should I Use Bitcoin?

While talking about world-wide payments everybody wants to be more accurate and fast system  Bitcoin is the simplest way to exchange money at very low cost as well as fast network within of 10 to 15 minutes.

  • Seamless Mobile payments
You can take your funds in terms of Bitcoin by your mobile device. Bitcoin on mobiles allows you to pay with a simple two step scan-and-pay. There is no need to swipe your card, type a PIN, or sign anything. And all you need to do to receive Bitcoin payments is to display the QR code in your Bitcoin wallet app and let your friend or shopper scan your mobile, or touch the two phones together (using NFC radio technology).
  • High level Security and control
All Bitcoin transactions are secured by military grade cryptography. A network that is named as block-chain recorded all the ledger transaction that works publicly and nobody has the central authority on it. Nobody can charge you money or make a payment on your behalf. So long as you take the required steps to protect your wallet, Bitcoin can give you control over your money and a strong level of protection against many types of fraud.
  • Works World-wide, anytime
Bitcoin can be send and receive world-wide within a minutes. You need only an address which is a long string of character and symbols mixed with to receive and send. Just like with email, you don’t need to force your family or payee to use the same software or the same service providers. Just let them stick to their own favorites. No problem there; they are all compatible as they use the same open technology. The Bitcoin network never sleeps, even on holidays!
  • Fast international payments
Bitcoins can be transferred from Africa to Canada in 10 minutes. There is no bank to slow down the process, level outrageous fees, or freeze the transfer. You can pay your neighbors the same way as you can pay a member of your family in another country.
  • Zero or low fees
Bitcoin allows you to send and receive payments at very low cost. Except for special cases like very small payments, there is no enforced fee. It is however recommended to pay a higher voluntary fee for faster confirmation of your transaction and to remunerate the people who operate the Bitcoin network.
  • Identity protection
With Bitcoin, there is no credit card number that some malicious actor can collect in order to impersonate you. In fact, it is even possible to send a payment without revealing your identity, almost just like with real money. You should however take note that some effort can be required to protect your privacy.
  • How you Get Bitcoin & it’s users:
At this very moment, 10.70 millions of Bitcoins are in existence, which is like 207.929 million USD worth! In fact, the Canadian government is working on their own crypto-currency, named MintChip. In one day, more than 45,000 transactions of a total of BTC 2.5 million (worth of USD48.5 million) is handled by the bitcoin network.

   You can get bitcoin by means of various method like mining the bitcoin, through exchangers and providing goods or services in return of bitcoin as your payment method. But, a single method that is so, easy you get the bitcoin from the bitcoin faucet site like this faucet. Bitcoin faucet are those who are providing some bits for free to it’s users by only solving the Captcha.
  • What’s Mining?
Mining is a process of extracting Bitcoins currency this needs of some sophisticated computer hardware and software and one time investment of large money. Bitcoin mining is a business – most people mint Bitcoins to gain profit. Bitcoins are minted using a special software known as bitcoin miner, which tries to find a new block in the chain of Bitcoin network.
  • Storing the Bitcoin:
Storing the bitcoin is very easy and no need for any physical plase. You need to only open a digital wallet for storing the bitcoin. Whether you are using computer, smart phone or any other electronic device no matter your digital wallet can be synced in all devices.
  • Spending the Money:
Mostly uses of bitcoin is the great question in today’s  economy. But, you no need to be worry for this because almost all over the world it is transacted and you can spend it in any website which accepting the bitcoin. Can be purchased software and goods & services because most of the  trader now-a-days accepting bitcoin as their payment because gradually world is going towards complete digitization. Many digital wallets are also offering sell option for your bitcoin so you can exchange your bitcoin to your fiat currency.

BitMiner - free and simple next generation Bitcoin mining software

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