Nowadays bitcoin is becoming very famous because it is the first cryptocurrency that is most popular, and the price of bitcoin is more than all the cryptocurrencies in today’s time.
In today’s time, the craze of bitcoin and cryptocurrency has increased a lot and mainly there are only two cryptocurrencies that have created a different image in the minds of people, that is why their price has started touching the sky.
The names of both those cryptocurrencies are Bitcoin and Dogecoin, before both of them became popular, the people who bought them today are earning profits of millions.
There is a lot of information available on the Internet about Bitcoin, but there is still a lot of confusion, how does Bitcoin work? Or what is Bitcoin? And how to buy bitcoin, or how to invest in bitcoin.
Mainly those who are new to this field and want to know about Cryptocurrency or Bitcoin, have a lot of confusion, so for those people, we have created this detailed Bitcoin Guide in which you will get every information about Bitcoin.
Today I will tell you in detail about the magical world of cryptocurrency, and here we will talk about bitcoin and learn how bitcoin is mined and how it is bought and sold.
So let us get to know about bitcoin and start our journey with bitcoin and cryptocurrency.
What is Bitcoin?
If we try to understand bitcoin easily, then bitcoin is a digital currency that can be bought and sold digitally, there is no third party like the government, bank, RBI, etc. in its buying and selling.
Only the buyer and seller are involved in the buying and selling of Bitcoin.
Its buying and selling is done with the help of decentralized ledger technology which is called Blockchain.
With the help of decentralized ledger technology, Bitcoin becomes a hack-proof currency.
The transactions done by Bitcoin do not come under the government or any other organization in any way, it comes in an open source portal that can be viewed by anyone.
Bitcoin was invented in 2009 by a person named Satoshi Nakamoto. After this, on 22 May 2010, the first transaction was done by Bitcoin, which was done by a person named Laszlo Hanyecz.
He had ordered a pizza from Papa John’s Pizza Company by investing 10000 Bitcoin. At that time the price of 1 Bitcoin was 0.0025 Cent, according to today’s view, it was the most expensive pizza in the world.
As of today (1 August 2022), the price of one bitcoin is around $24000.
Is Bitcoin Real Money?
As we told you that it is a decentralized currency that no one controls, so it is not a real currency, we can only speak of real currency which is recognized by any country or government like US Dollar, Euro, and Indian Rupee. Is.
It is a digital currency that works on the technology of blockchain. Which is not controlled by any government or any institution of any country.
Bitcoin is a software-based currency that is not in any way under the control of the government or any institution. Its value, supply, demand, etc. are not under anyone’s control, so it is different from real money.
But you can exchange it with your real money and use it to earn profit.
Origin of Bitcoin
As we know, bitcoin was invented in 2009 by a person named Satoshi Nakamoto. Now we will know where the origin of cryptocurrency started and how it progressed.
1998 – In 1998, 2 people got the idea of cryptocurrency but due to some reasons, the idea of both of them did not come to the fore.
2008 – In 2008, bitcoin.org was registered in the month of August and two months later, published as bitcoin – A Peer to Peer Electronic Cash System.
The person who wrote this whitepaper is believed to be Satoshi Nakamoto, but even so, it is a closed book who wrote the whitepaper because Satoshi Nakamoto is a surname.
This white paper contained the same strategies and rules that were proposed in 1992-1997 and 1998, but they were not implemented.
Moving forward, bitcoin software was released on 9 January and the first bitcoin transaction occurred on 12 January when Nakamoto sent 10 bitcoins (BTC) to Hal Finney, a computer programmer, and developer.
2010 – As I mentioned above, 2010 was the year when the most expensive piece of pizza was bought online with bitcoin.
2012 – Facing ups and downs, 2012 was a good year for crypto as it crossed the $100 mark and was on its way to getting listed on the world’s top digital coins.
2013 – One of bitcoin’s most important years was 2013 when it crossed the $1000 mark.
2014-2016 – In the year 2014-2016, bitcoin was heavily busted, which drove it down to $1000 and tried hard to climb, but failed until 2016.
2017 – It crosses 1000$ again, reaching 3000$ by June of 2017.
2018 – 2018 is the year when all bitcoin users hold it, especially thinking that it will increase and it did not get any significant success throughout the year.
2020 – In this year, the price of bitcoin skyrocketed by tweeting by Elon Musk.
This was the timetable where bitcoin used to move up and down, but it is now skyrocketing today despite a few minor drops.
How does Bitcoin Works?
Bitcoin is built on digital ledger technology called blockchain which is connected together with thousands of computers also known as nodes which are decentralized because no one can control or run the node, hence It records all the transaction data in different blocks in the blockchain.
Bitcoin is based on decentralized technology, so thousands of nodes must ensure that the transaction that the sender is making is valid, and if some nodes do not agree to the transaction, all other nodes will also be shut down.
Nodes check the validity through two criteria –
If the sender has the amount he is sending.
If that sender or receiver is authorized to send or receive.
All recent valid transactions are sent to the blockchain every 10 minutes in blocks of data from the decentralized network.
Blockchain is decentralized so it is not owned by any specific person or organization but anyone can work on it if they have a particular link and as more people update and edit it, your copy will also be updated She goes.
It sounds very difficult but it is not, that you want to make any changes or add a block to the blockchain, it requires a unique code to identify the user wallet.
How to Buy Bitcoin?
If you are getting information about cryptocurrency and want to know whether to buy bitcoin or not and if you want to buy bitcoin then how to buy bitcoin.
So to buy bitcoin, you will have to take the help of some software or take the help of an Android application, with the help of which you can convert your currency i.e. rupee, dollar, etc. into bitcoin and keep it in your digital wallet.
From here you can buy bitcoin and I also buy and sell bitcoin from here.
Conclusion
Here we gave you complete information about bitcoin and told you what is bitcoin. And how you can buy and sell bitcoin.
If you need any information about bitcoin, then you can comment to us, we will give you that information as soon as possible.