What is Bit coin? Introduction to Bitcoin? Who is the originator of Bitcoin? Where was it Discovered?

What is Bit coin? Bit coin Before moving on to the main discussion, let’s look at two facts: When the first bitcoin was launched in 2009, a man named James Howells was mining bit coin. By the time he quit mining for any reason, he had accumulated 7,500 bitcoins.

 

At that time the value of bit coin was not as it is today. He also threw away his hard drive. At that time, the current value of that 7500 bit coin would be 400 million US dollars. That guy still regrets because he can’t get that hard drive back.

 

In 2010, a man named Laszlo Hanieh bought two pizzas with 10,000 bitcoins at a family event. It is said that this was the first bit coin transaction. The funny thing is that the current value of those two pizzas will be about half a billion dollars.

 

The great thing is that in the beginning bit-coins were not so acceptable but as the days go by it is becoming more and more attractive. Big tech companies are now embracing it, increasing the value of every bit coin.

 

Bit coin is basically a kind of cryptocurrency, today’s bitcoin has a long history. The question may come to your mind, where did this bit-coin come from? Who invented this mysterious bit-coin? And to answer all your questions, I have brought today’s tune for you.

 

Acceptability of cryptocurrency?

Bitcoin or cryptocurrency, whatever it may be, has not yet become a universal means of money transaction. Everything related to bitcoin in our country is illegal, be it bitcoin trading or mining. You may even have to go to jail for this kind of work. Many people still consider bit coin to be a scam or an illegal thing as it is always mentioned in various hacking and illegal activities. But many do not know clearly that hackers use these bitcoins to keep their identities secret.

Many big people discourage bitcoin transactions because there are no barriers to money transactions. Their claim can be any kind of illegal act through a transaction for which no evidence can be found. The fact of the matter is that even if there is transaction information in any transaction on Bitcoin, there is no evidence of who or who is doing the transaction because the person’s information is kept completely confidential here. Many economists also say that bitcoin has no future because it is illegal.

 

The Future of bit coin?

Bitcoin is moving very fast, leaving behind all kinds of negative attitudes. People now want a new economic system In today’s world of money laundering, inflation is on the rise, and people are dreaming of something new.

Friedrich Hayek, who won the Nobel Prize in Economics in 1974, said in a 1994 speech, “I do not believe that we will have a better economy than before because everything is now in the hands of the government, we can create something that the government can never stop.” Cryptocurrency is, as Friedrich Hayek had hoped, a cryptocurrency that no one will be able to stop or control.

Bit coins may not be perfect yet, but the money system will not be under anyone’s control, it is a decentralized system structure that will be controlled by its users.

 

The Concept of Bit coin?

what is bit coin

 

Hopefully from how or where the bit-coin came to be. We keep money in the bank, the people in the bank verify whether the real person is giving or taking money. At the same time, the amount of money we have deposited and withdrawn is also recorded. That record is updated when the transaction is made. And the bank gets some money commission for doing this.

 

Now if you want a system where there is no corruption, no information can be changed, you may have to deal with people you can trust. You may not trust one person, but when will this transaction be in front of thousands of people? Then of course it will be more believable. And from this idea came bitcoin.

 

Bit coin will save your transactions in a blockchain system. After the transaction in the bank where that information was only in the bank, every crypto user will have that transaction in cryptocurrency. After your transaction, the transaction will be completed on the basis of user approval and therefore the transaction in this system is many times more secure than any other system. Moreover, if you put money in a bank, that bank may go bankrupt, but the record saved in cryptocurrency will never be erased.

 

So it can be said that this cryptocurrency is an idea where the record of transactions will not be stored through any central medium, it will be transferred to all the users around the world. When a transaction occurs, everyone will check and approve it and update their records. And the work of updating this record is called bit coin mining.

 

No third party is required, the blockchain network system will constantly update the data and the transaction will be completed. Since every transaction is done on the basis of huge community approval, one person cannot change it even if he wants to. So unlike the bank, there will be no ban, limit, extra charge and obstruction.

 

What is Bit coin Mining?

what is bit coin

Let’s talk briefly about bitcoin mining. Mining is done in very simple language mainly for updating the data record of the block chain. After creating the bitcoin, its father Satoshi Nakamoto has to face a question, who will update the bitcoin transactions and how the process will continue. Satoshi Nakamoto selects minors for this job. The job of the minors is to keep an eye on each transaction, verify them and provide updates on each transaction.

Now you may ask how a person will verify so many transactions, if the matter is, if a person does not have to do this work, if he is given power on the computer, it will do all the work. And this process is bit coin mining.

When you send someone a bit coin there will be a lot of complex mathematical problems. The transaction will only take place if this problem is solved. And the computer of the minors will work to solve this mathematical problem. Adding the computer to Mining will solve this problem and send it to the server.

Matching mathematical arguments means getting transaction approval from each user. The matter is not as simple as it seems. The computer’s GPU works to solve mathematical arguments. In this way, miners are paid a small bitcoin commission to contribute to the continuation of transactions in the blocks.

There are 21 million bitcoins in the world. The bit-coin block is exposed after each transaction. And it goes without saying that bitcoin miners do the job of opening up. The Bengali meaning of mining is to extract something valuable from a mine, and it is called bit coin mining because of its similarity.

 

Will Bit coin mining be profitable now?

I know that after learning about bitcoin mining, you will also become interested in mining, it is normal. Let me know if bitcoin mining will be profitable for you right now.

Initially, Satoshi Nakamoto and his associates were involved in bitcoin mining, but as the volume of transactions increased, it became impossible for them to do so. Minors have been involved in this work since then. In 2012, the method of bit-coin mining with computer GPU came to the fore.

When it was no longer possible with GPU, a separate mining machine for bitcoin mining came on the market. The machines are known as ASIC minor. ASIC minor machines are quite powerful and can be mined more at low cost.

For a long time now, various firms have been working for bit coin mining where the machines are used. And every four years the mining commission also decreases. Now think for yourself, how profitable will mining be for you personally?

Inventor of bitcoin Satoshi Nakamoto has limited bitcoin to 21 million. It is said that it will take until 2140 to be the last bit-coin mine. Why are bitcoins so valuable? The answer to this question may be that people want it, people want freedom in financial transactions.

 

How bit-coins are maintained?

Bitcoin is an open-source system so anyone can code it or edit its code. It would be wrong to say that the same coding has been going on for the last ten years Moreover, coding is required for everything to work properly. But to change any code you have to go through a process. This is called Bitcoin Improvement Proposal or BIP. BIP is basically a document proposal to change the core code of the bitcoin system. If you want to edit a code you have to submit a detailed proposal according to the rules and you can do it only if the community agrees with you. You need JavaScript enabled to view it to get the consent of this huge community.

 

Bitcoin Introduction

what is bit coin

On January 3, 2009, the first block was mined for the first time. This block had a special message, “Chancellor on brink of second bailout of banks”. This may have indicated that the bit coin would one day break the current financial system. However, the first bit coin transaction was completed on the ninth day of the first block mine. The transaction took place, with bit-coin maker Satoshi Nakamoto and another bit-coin interested Finney. The amount of bitcoins traded between them was only 10 bitcoins.

Satoshi Nakamoto first announced his new economic system on July 9, 2009. In the beginning Finney and Satoshi together fixed various bugs of bit coin.

 

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Emergence of cryptocurrency ideas?

You should know this bit coin but had no idea about 2009. It was a very old thought, the details of which you have to go back to 1973.

David Chaum is called the grandfather of Bit coin. In 1973, David Chaum was experimenting with electronic cash. He was part of a movement called Cyperpunk. There were many who obstructed their movement who did not want anything called cryptocurrency. David Chaum created the Blind Signature Scheme on his own initiative. The Blind Signature Scheme was a matter where the signature of the other party could be found but his identity would remain completely secret. And this is called the foundation of modern blockchain technology. At the same time, David Chaum continues to develop his own ideas about cryptographic electronic money systems.

In 1979, a company called DigiCash was founded by David Chaum. One of the employees of that company, Nick Szabo, was a cryptographer. He has contributed to early crypto space. In 1993, DigiCash launched their e-cash system for the first time. Through which the way of safe transaction is created by keeping the identity secret on the internet. DigiCash is compatible. But after a few days there was a crisis of GPU in the market and the price went up several times.

 

• Will Bit-Coin Mining Be Profitable Now?

I know that after learning about bitcoin mining, you will also become interested in mining, it is normal. Let me know if bitcoin mining will be profitable for you right now.

 

Initially, Satoshi Nakamoto and his associates were involved in bitcoin mining, but as the volume of transactions increased, it became impossible for them to do so. Minors have been involved in this work since then. In 2012, the method of bit-coin mining with computer GPU came to the fore. But after a few days there was a crisis of GPU in the market and the price went up several times.

When it was no longer possible with GPU, a separate mining machine for bitcoin mining came on the market. The machines are known as ASIC minor. ASIC minor machines are quite powerful and can be mined more at low cost.

For a long time now, various firms have been working for bitcoin mining where the machines are used. And every four years the mining commission also decreases. Now think for yourself, how profitable will mining be for you personally?

Inventor of bitcoin Satoshi Nakamoto has limited bitcoin to 21 million. It is said that it will take until 2140 to be the last bit-coin mine. Why are bitcoins so valuable? The answer to this question may be that people want it, people want freedom in financial transactions.

 

How bit-coins are maintained?

what is bit coin

Bitcoin is an open-source system so anyone can code it or edit its code. It would be wrong to say that the same coding has been going on for the last ten years Moreover, coding is required for everything to work properly. But to change any code you have to go through a process. This is called Bitcoin Improvement Proposal or BIP. BIP is basically a document proposal to change the core code of the bitcoin system. If you want to edit a code you have to submit a detailed proposal according to the rules and you can do it only if the community agrees with you. You need JavaScript enabled to view it to get the consent of this huge community.

 

Emergence of cryptocurrency ideas?

You should know this bitcoin but had no idea about 2009. It was a very old thought, the details of which you have to go back to 1973.

David Chaum is called the grandfather of Bitcoin. In 1973, David Chaum was experimenting with electronic cash. He was part of a movement called Cyperpunk. There were many who obstructed their movement who did not want anything called cryptocurrency.

 

David Chaum created the Blind Signature Scheme on his own initiative. The Blind Signature Scheme was a matter where the signature of the other party could be found but his identity would remain completely secret. And this is called the foundation of modern blockchain technology. At the same time, David Chaum continues to develop his own ideas about cryptographic electronic money systems.

 

In 1979, a company called DigiCash was founded by David Chaum. One of the employees of that company, Nick Szabo, was a cryptographer. He has contributed to early crypto space. In 1993, DigiCash launched their e-cash system for the first time. Through which the way of safe transaction is created by keeping the identity secret on the internet.

 

David Chaum’s opinion about DigiCash was excellent, at the same time he noted that credit card transactions are unsafe. When DigiCash’s e-cash system works well, customers are discouraged from using credit cards and privacy issues come to the fore. At the time, David Chaum’s intentions were good, but they were risky, because the US government did not take them seriously. And one of the reasons for not accepting it well was that even if someone committed a crime, there was no way to catch it.

 

Like the current bitcoin, e-cash was the center of interest at the time It was rumored that Bill Gates was interested in it and wanted to add e-cash to all copies of Windows 95. It is learned that David Chaum received a billion dollar offer from Bill Gates for this project. Employees said he received more offers but turned them down. David wanted to stay within his goals and believed his better offer would come.

 

But for various reasons, in 1998, DigiCash went bankrupt and ended up being the first company to offer cryptocurrency, but the crypto idea did not end.

 

Cryptocurrency in the 90s?

DigiCash did not stop researching cryptocurrencies. Researchers are rethinking this. If there was no strong leader at that time, people would have been dreaming about this new economic concept. Popular economist Milton Friedman said the new Internet needed an electronic cash system that would reduce government intervention. He wanted the money to come or the policy should be in the computer where no one can be corrupt.

In 1996, a man named Wadeye came up with the idea of ​​BMoney B Money emerges as an idea where the online economy will be run without any outside laws. However, although this idea is popular, it remains theoretical and has not become a reality. DigiCash is said to be the father of the current concept of bitcoin and the building block of cryptocurrency, but it did not materialize or was a theoretical concept.

However these bit-coin enthusiasts or cryptographers have been silent for almost a decade through various hopeless disappointments.

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