Bitcoin--What is Bitcoin,bitcoin mining and Bitcoin wallet

Hello everyone welcome to my yet another blog post. In this article, we will see about 
What is a bitcoin ?
What is a bitcoin wallet? and 
Mining of bitcoin 

man-holding-bitcoin-in-hand
Photo by Crypto Crow from Pexels


I have already uploaded a video about what is cryptocurrency,cryptocurrency mining, and cryptography and another video about the 10 cryptocurrency facts that everyone must know
I'll leave the link below for those who did not read it.


Now let's start this article so
 

    1)What is a bitcoin?

    As you may know Bitcoin is a type of cryptocurrency . Bitcoin is a decentralized digital or virtual currency which means it does not need a central bank or an administrator.

    so it can be sent from user to user on the peer-to-peer bitcoin network without the need for
    intermediate. Bitcoin is an open-source program in which everyone can take part.Bitcoin allows
    many advantages to its users like low transaction fee and being anonymous these are explained in the other video, you can watch it by clicking here.

    Now let's look more about bitcoin. I said earlier bitcoin is decentralized which means there is no central bank or administration which makes it a universal currency. Bitcoin was the first decentralized cryptocurrency invented in 2008 and came to use in 2009 as a open source software invented by satoshi nakamoto (by the way no one knows who it is or is this a group of individuals or an organization the
    name is pseudonymous )

    Now let's look at 

    2)what is mining in bitcoin? 


    It is the same as the mining in cryptocurrency 
    Mining is the process of validating the transaction , for this validation successful miner obtain cryptocurrencies as a reward and in this case bitcoins. This is the reason for the minimal transaction Fees because of the complementary incentive to miners.

    To validate the transaction miners use hashes by using specialized machines such as FPGAs and ASICs
    for running complex hashing algorithm or algorithmic equations like SHA-256 and SCRYPT
    the rate in which the hashes are produced are increased. 

    These miners help to keep the blockchain consistent, completed and unaltered by repeatedly grouping new broadcast transactions into a block 

    now let's see about 

    3)Wallets

    In cryptocurrency wallets store the public and private keys or also known as addresses which is a cryptography system that uses pairs of keys,public and private keys also known as addresses or seeds that can be used for spending and receiving cryptocurrencies.

    The first wallet program was called as bitcoin and also sometimes referred to as satoshi client.

    A wallet stores information necessary to transact the coins which is similar to our normal wallets

    so before finishing this video let's see some more information about bitcoin.


    bitcoin-in-digital-computer-background
    Photo by André François McKenzie on Unsplash


    1) it is completely anonymous, 
    2) it has a limit of 21 million, 
    3) it does not have any central authority which means decentralized, 
    4) anybody can create a new bitcoin address so that's it for today

    Hope you would have enjoyed it and learned something new from this article , if you like this post share it with your friends and family and share your thoughts in the comments box below or go to my youtube channel by clicking here and watch a video and comment there.

    So thank you for reading the article completely without scrolling directly to the last part (those who did not do it).

    HAVE A NICE DAY AND 
    STAY SAFE!!!!!!!!!!!!








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