Crypto Currency

Know About Complete Detail About Bitcoins And Profit From It

Bitcoin is very easy to understand if you think of the difference. For example, it is different from electronic money. The transaction history of electronic money passed through the ticket gate, how much money was used at which kiosk, etc. is relayed, and at the end it is the same as credit card and bank settlement, leading to real “money” like “yen” Go. But, Bitcoin is not connected. That’s why Bitcoin is “stateless” or “not centralized”.

The usual amount of “money” will increase when the Bank of Japan prints bills or basically at banks, but Bitcoin will increase on the Internet. The simplest way to increase it is to use a system where everyone monitors the transaction history.

For example, when I make a Bitcoin transaction, I can create something like a keyhole to connect to the next based on the history. The next block connected to this keyhole can be created by solving a math puzzle. The keyhole of the person who traded before will be created, and the things that connect to it will be made, and then … This is the mechanism called “blockchain”. It’s a little complicated (laughs).

However, it is very difficult to solve this math puzzle, It doesn’t mean that smart people win, but people who use a lot of electricity and move a lot of PCs win. It’s a mechanism that everyone can do it, and the first person who solves the puzzle will issue a new bit coin that has never existed before.

Solving this puzzle is called “mining”. Also, the keyholes are connected all the time, and if you change the data in the middle, the shape of the last keyhole will change. Furthermore, many people are referring to this keyhole puzzle as they try to solve it, and there is a history of solving it all the time. Therefore, it is difficult to cheat and change the transaction history. Well, this is a very important explanation about Bitcoin.You can make bitcoin trades with the

Bitcoin system has nothing to do with the Central Bank or the Bank of Japan. It’s just data. The reason why we can use this as money is because everyone thinks it is money. This is the same for Japanese yen. If the recipient doesn’t know it, I can’t use it. Money is valid because there is an understanding that “this is money”.

Bitcoin was recognized as “money”

Just around the time of the Lehman Shock of 2008. Trust in the dollar was shaken by the fact that the United States would print a lot of money and disperse it anyway due to monetary easing at that time. It’s a new mechanism at that time! That’s why the currency of the future seems to be somehow, while people who think that it may be in time to buy it from now on will rise and the price will rise again … I was told that something like that made me think that it was valuable. What is the nature of money and the future of Bitcoin?

When thinking about Bitcoin, what you need to be aware of is the mechanism called blockchain and that Bitcoin is neither equal nor anything. Bitcoin simply uses a blockchain mechanism. The blockchain mechanism itself is a very good technology, so I think it will be used in various places. In that sense, I think that electronic money using blockchain will come out, but I think that at least in the unit of decades, an anarchical virtual currency like Bitcoin is the most popular currency in the world.

Price fluctuations in bitcoin

There are several reasons for this, and one is that price fluctuations are becoming too intense. Once you’re covered with speculation, you’re a gambling. Everyone’s motivated to keep moving their PCs, so it’s an energy problem. It is said that the electricity used to mine bitcoins is about the same as the electricity consumed in New Zealand. The other is that the remittance cost is low, but the payment mechanism is slow. Credit cards are overwhelmingly faster because the system only allows payment once every 10 minutes.

Atif Mallo

Atif Mallo is a freelance blogger with huge interest in technology, science, life hacks and health. He loves coffee, cheesecake and chess. Drop a line in comments to leave feedback for him.

Related Articles

Leave a Reply

Back to top button