What is Bitcoin ?
It Is crypto-currency [ E-currency ] it can be used to make payments online. Bitcoin payments are easier to make than debit or credit card purchases and It can easily replace them. Bitcoin is a peer-to-peer payment system and digital currency introduced in 2009 by Satoshi Nakamoto.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
What are the advantages of Bitcoin?
The process of finding new blocks to be added to blockchain is called Bitcoin mining. This is done by a computer program by solving a complex puzzle with real time input of transaction data. Now a days mining requires specialized hardwares and electricity consumption. Miners are rewarded with Bitcoin by the system.
What are the units of Bitcoin ?
There are 4 standard units of Bitcoin...
i. 1 BTC = 1 Bitcoin
ii. 1 mBTC = 10^(-3) Bitcoin
iii. 1 μBTC = 10^(-6) Bitcoin
iv. 1 Satoshi = 10^(-8) Bitcoin
To know more, visit : www.bitcoin.org
It Is crypto-currency [ E-currency ] it can be used to make payments online. Bitcoin payments are easier to make than debit or credit card purchases and It can easily replace them. Bitcoin is a peer-to-peer payment system and digital currency introduced in 2009 by Satoshi Nakamoto.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
What are the advantages of Bitcoin?
- Transparent and neutral
- Instant Payment
- Very low fees
- Secure, Irreversible
- Strong protection against identity theft
What are the disadvantages of Bitcoin?
What is Bitcoin mining ?- Volatility
- Uncertainty
- Money Laundering
The process of finding new blocks to be added to blockchain is called Bitcoin mining. This is done by a computer program by solving a complex puzzle with real time input of transaction data. Now a days mining requires specialized hardwares and electricity consumption. Miners are rewarded with Bitcoin by the system.
What are the units of Bitcoin ?
There are 4 standard units of Bitcoin...
i. 1 BTC = 1 Bitcoin
ii. 1 mBTC = 10^(-3) Bitcoin
iii. 1 μBTC = 10^(-6) Bitcoin
iv. 1 Satoshi = 10^(-8) Bitcoin
To know more, visit : www.bitcoin.org
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