Origin of Bitcoin: A person in the pseudonym of Satoshi Nakamoto published a research proposal of 9-page "Bitcoin: A Peer-to-Peer Electronic Cash System" on October 2008. Where is the idea about the first bitkayen. The summary of the proposals says that a peer-to-peer electronic payment payment system is needed, through which one can complete the transaction without having another to a third party or organization.
Satyashi Bitcoin created the first software for 'mining' since the release of the offer. 'Mining' is the process of making Bitcoin. The first Bitcoin currency release is in 2009. The original identity of this seven-year-old son is unknown today.
What is Bitcoin?
So 'Bitcoin' - B in English, Capital Letter - is a peer-to-peer network where currency ownership is possible without a trusted third party, and the unit used in this network is 'bitcoin' - English, b, small.
Bitcoin Features: Made entirely of digital, in reality it has no physical presence. No central bank controls it. The currency system is in progress due to the use of it by individuals or individuals worldwide. Due to the peer-to-peer system, direct trading is done without any institution or middleman.
The difference between the conventional currency and the bitcoin: Common currencies used throughout the world are basically made of paper. Any type of service is at the root of accounting transactions. The services in which the services are being delivered, face-to-face services, online service-taking, banking services, and financial services.
Bitcoin is a type of cryptococoncy created using cryptography. The main difference between conventional currency and cryptococoncy is that due to physical existence, conventional coins can be hand-held, hand-picked. On the other hand, cryptocarrency can be used only. Because it is virtual or digital, it can be used only, and can not be easily handled.
How Bitcoin works: Because of the peer-to-peer network, the transit or transaction service of Bitcoin is done by the donor and the wallet from the recipient's wallet. Bitcoins are stored in 'Wallet'. It can be either online or offline. A Bitcoin user needs to use two keys. A 'Public Key', it's open to everyone. The other is 'Private key', it is always hidden and used to guarantee transactions.
Bitcoin Deficiency: There are some badges in Bitcoin. Firstly, due to the inability of the transaction to be repeated, if there is no service related to the service provider, there is no way to get back the coin.
Secondly, if the bitcoin 'wallet' is lost or damaged then it can not be returned.
Thirdly, as a medium of exchange, Bitcoin is very unstable.
Fourthly though the use of bitcane is increasing gradually, but it is very limited in comparison to the conventional currency. So it has to be used to convert it to conventional currencies. After all, there is no credit facility in bitcoin. Although it is a good direction, but the economy of the current world is running credit-based.
In the real world, Bitcoin was bought for the first time on May 21, 2010, when Bitcoin user Laszlo bought a pack of 25 dollars in exchange for 10 thousand bits of coins.
The first bitcoin is used by Overstock.com, UK-based business tycoon Richard Branson, a flight service company Virgin Galactic, popular free blogging platform, Wordpress, International e-commerce payments website PayPal, American Car maker Tesla Motors, online dating website, popular mobile gaming company Zynga, OkCupid, and popular torrent sites The Pirate Bay is a service of Bitcoin Donates.
