Im a chef and i will post food recipes but i like to read about cryptocurrency and i will post some info that i learned from past year .
If someone told you that people are making lots of money from cryptocoins and you would like to invest please first read about this .....
What is Bitcoin?
What is Blockchain?
What is Mining
Why steemit not others?
It was developed in 2009 by someone named Satoshi Nakamoto, but that is not known for sure. Virtual money is based on the principle that a person can make a payment without intermediaries - as is the bank.
There is a limited number of bitcoins in circulation and new ones are created at a predetermined pace.
How does this work?
The person saves it in Bitcoin Wallet, on a mobile phone or computer, from where it can send and receive.
Bitcoin can initially be obtained through the sale of products or services, or stock exchanges, where bitcoin real money is exchanged at current market value.
Every bitcoin user has its own address, similar to a bank account, and checks all that enter and exit from this address.
Transactions are performed through a system called Blockchain (chain of blocks). This is a book of public accounts, where records of each transaction are kept.
The person to whom the bitcoins are sent receives them only after verification. This verification is done by solving complicated mathematical problems, a process called "mining" and can be performed by anyone who has powerful computer systems.
What to do with bitcoins?
You can spend on purchases over the Internet, such as Microsoft or Subway, or in stores that accept bitcoins as a means of payment. If you want to make money, you can trade on a stock exchange.
Although it's hard to find any outlets on your way to the Bitcoin, it can change very soon. Now there's Bitcoin Visa Debit card that makes it easy to spend.
You do not need to understand the bitcoin process to start using it. After all, how many of us understand how the banking system works.
But there is everything in the world of bitcoin.
There is predetermined the number of transactions that can be carried out over a given period of time, so with the increase in the number of transactions, the time of making payments is slowed down.
For many years, people involved in developing applications for bitcoins have argued how to solve the problem of transaction capacity. This problem is still unresolved.
But there are other common problems, such as the fact that it suffers from price fluctuations.
Bitcoin is not the only cryptocurrency. Many others have entered the market - over 200 of them. While Bitcoin is still leader, Ethereum, Ripple and NEM and many others are also surviving.
Chain Block Technology offers a log-ins and fraud record. Transactions are maintained by a network of computer units (computer nodes). The distributed transaction log is protected against changes through cryptography. Conducting transactions is agreed upon through multilateral consensus agreements on the network of computer joints.
Since chained technology is the technology behind Bitcoin, let's use this as an example to explain the basic principles of this technology. Bitcoin facilitates secure online transactions. This virtual currency realizes this by using public key cryptography. The keys are used as an ID. The public key is your Bitcoin identity or address in the chain blocks and this identity refers to each transaction. The private key on the other hand is only known to you; this is a primary password that gives you access to your digital assets and as such should be protected.
Chain Block Technology is designed to allow you to carry digital assets and make digital transactions, but do not copy them. Transactions, once verified, are placed on a block that is added to the other blocks of information in the block chain. This chain of blocks (which is the principal transaction log) is then distributed through a Peer-to-Peer P2P computer network. In other words, it is shared with all members in the network of that registry. Since information is distributed to the network, there is no longer a single place (eg a central server) where everything is stored.
Each node can hold information of all the blocks on the chain. Each information block must be evaluated and verified across the network by a "miner" or "collector" before it is added to the chain. Successful miners are paid a transaction fee as well as a subsidy, which is how new Bitcoins continue to be created. The network performs this operation by following a set of previously settled rules. These rules are the vital part of a chain lock. The rules ensure that all nodes are on the same page, respecting the same procedures and instructions. The rules for consensus or agreement may be based on:
Proof of Work. The node must perform a certain amount of work in order to add a valid block to the block chain; this concept is commonly used in cryptographic currencies, including currency
Proof of the stock. By this we mean that the link that verifies the transaction has a certain percentage of the total value of the network.
Multiple Evaluation. More than one validity of the transaction should agree if the transaction is valid or not.
Byzantine Practical Tolerance of Errors. An algorithm built to resolve disputes between different nodes in case one of them generates a different result from the rest of the network.
It is the rule and the consensus rate, along with the wide distribution on the network and the validity of the transactions in the register that make it possible and ensure that there is no need for intermediaries (intermediary persons or institutions) or trusted third parties to approve transactions. Once placed on the chain, all transactions are public and easily verifiable. This transparency means that the blocks are auditable.
What Information Is Located in a Block?
Based on the predetermined consensus mechanism, each block contains, at least, its own block and hash records in the chain, as well as a history of all transactions. "Hash" is the term for a unique string of characters or digits assigned to it and attached to each transaction. If there is any change in the data, then a new hash is automatically generated from the system. The original block can not be changed or modified - it is completely unchanged. And that is precisely what makes it impossible for any malicious attempt to change the bloc structure or data. Any change or modification that is performed is transparent and visible, because the generated hash will not be the same as the previous one.
So, in short ...
"Blockchain" is a public or private register that is shared among many participants, where transactions are recorded and authenticated (or rather, pseudo-anonymous). As soon as information is inserted into a block, it can no longer be changed.
Where the chain loophole and the real world are crucified, the challenges of the real world will continue to exist. For example, if a video is not part of a chain lock and restricted to use in that crypto-sphere, it's difficult to prevent copying from people. The reason why the zipper block.
Tell me first Your opnion ? Than i will make a special post about why steemit ?
