What is Bitcoin-How It Works-2017-18

Bitcoin
Bitcoin

What is Bitcoin-How It Works-2017-18

Bitcoin is one of the best and authentic way to earn money online. If you want to know about Bitcoin then you are at right place. I will explain all the details about Bitcoins.

WHAT IS BITCOIN

It is a form of digital currency, which is created electronically. bitcoins are produced by the people. bitcoins are not controlled by anyone. It’s the first example of a growing category of money known as Cryptocurrency.

bitcoin was the first currency created digitally. all other digital currencies created after bitcoins are called Altcoins, or many other digital currencies have been created.

HOW BITCOIN WORKS

bitcoin is a virtual currency.it is designed to be self-contained. for their value.bitcoin do not need banks to move or store like other currencies. when you will get bitcoins it will work like your physical currency.

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you can use it as a gold currency. You can use them to purchase goods and services online. you can also store them and wait for those days the value of bitcoin increase and you will get some profit on them.

They are traded from one personal ‘wallet’ to another.

A wallet is a small personal database that you store on your computer drive (i.e cold storage), on your cell phone, on laptops, or on a cloud(hot storage).

 

HOW BITCOINS ARE TRACKED

bitcoin holds a file called BLOCKCHAIN. Each blockchain is unique to each individual user and his/her personal bitcoin wallet.

you can log in your bitcoin transactions.they are available in public ledger. the reason is to help and ensure their authenticity and preventing fraud. it helps transactions to be duplicated.

 

HOW THEY CAN BE PRODUCED

it is the fact that everyone can create bitcoin. if you have a strong computer then you can create it in your store room. bitcoins are made

through cryptocurrency mining.

bitcoins can be created only about 21 million from which about 11 million has been created and are in circulation.

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you know you may earn perhaps 50 cents to 75 cents USD per day. For a single personal computer mining bitcoins, minus your electricity costs.

if you have a large-scale miner and you can run 36 powerful computers simultaneously then you can earn up to $1000 every day.

 

IS BITCOIN SECURE

you can say that there are both the possibilities about the security of bitcoin. like gold.if you will keep them at a safe place then it will be safe for you.and also there is the possibility of stolen of your gold too.

if you will keep your bitcoin in a safe place and will keep them away from hackers then it will be safe and secure like your gold in the bank. if hackers will get access then you will lose all your bitcoins in just a second.

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At the end of What is Bitcoin-How It Works-2017-18, I am sure that you are now well known with Bitcoin currency. Any suggestion will be appreciated. You may comment or contact me.

 

 

 

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