What is Bitcoin

BuskMcBride3109 | 2022.02.12 13:47 | 조회 11


Bitcoin is an online currency that is without any central control or oversight from governments or banks. Instead , it is based on peer-to-peer computer software as well as cryptography.



A public ledger lists the bitcoin transactions as well as copies are kept on servers throughout the world. Anyone with a spare laptop could set up one these servers. This is known as a node. The consensus on who owns which coins is reached by cryptography across these nodes rather than being dependent on a central source of confidence like a banking institution.



Each transaction is broadcast on the network and shared from node to node. In about every ten minutes these transactions get gathered by miners and compiled into a group known as a "block" and then added forever to the Blockchain. It is the sole accounts book for bitcoin.



Similar to the way the traditional coins are kept in a wallet that you carry around, virtual currencies are held in digital wallets that can be accessed via client software or any of a range of hardware and online tools.












Bitcoins can be divided by seven decimal points: a thousandth of a bitcoin is described as a milli 100 millionths of bitcoin is known as"satoshi.



There is no any such thing as a bitcoin or a wallet. It's just an acceptance by the network of the ownership of a currency. A private key is used to prove the ownership for funds to the community in the event of a transaction. A person can just remember their private key , and require nothing else to retrieve or spend virtual cash, a concept which is often referred to as "brain wallet".



Could bitcoin be converted into cash?



Bitcoin can be traded for cash as with any other asset. There are numerous cryptocurrency exchanges online , where people could exchange bitcoin, but transactions may also be done at any time in person, or through any platform for communication, allowing even small companies accepting bitcoin. There's no official mechanism that bitcoin has built in to convert to a different currency.







The bitcoin network is not based on anything intrinsically valuable. bitcoin network. This is not the case with many of the world's strongest currency systems since they left the gold standard, including the US dollar and the UK pounds.



What's the objective of bitcoin?



Bitcoin was designed as a way for people to send money over the internet. The concept behind the digital currency was to be an alternative option for payment, one that is independent of central control, yet at the same time be able to function as traditional currencies.



Are bitcoins secure?



The cryptography behind bitcoin is based around the SHA256 algorithm created by the US National Security Agency. This is, for all intents and purposes impossible as there are multiple private keys that would have to be tested (2256) than quantum particles (estimated to be between 1078 and 1082).



There have been numerous high profile cases of bitcoin exchanges being hacked and money being stolen however these websites always kept the digital money on behalf of clients. What was targeted in these instances was the website not the bitcoin blockchain.



In theory , if an attacker could control over 50% of all bitcoin nodes currently in existence, they could reach a consensus that they held all bitcoinand put that into the bitcoin blockchain. However, as the amount of nodes increases, this becomes less practical.



A serious issue is that bitcoin operates without the oversight of any authorities centrally. Since it is a digital currency, those who make a mistake on the transactions in their account can't seek help. If you have sent bitcoins or money to an unintentional person or forget your password, there is no one to contact.



But the eventual coming of quantum computing on a practical level could totally change everything. Many cryptography applications rely on mathematical calculations. They're very difficult for modern computers to complete and quantum computers perform quite differently and may have the ability to run these calculations in just a fraction of a second.



What is bitcoin mining?



Mining is the method of maintaining the bitcoin network , as well as how new coins come into existence.



All transactions are posted on the network. miners bundle large numbers of transactions into blocks after completing this cryptographic process that's hard to generate but very simple to verify. The first miner to solve the next block broadcasts it to the network and should it be proven to be right, it's transferred to blockchain. The mining company then rewards the miner with a set amount of newly created bitcoin.



Inherent in the bitcoin's bitcoin-related software lies a hard restriction of just 21 million bitcoins. There will never be more than that number in existence. The total amount of coins will be available in the year 2140. In roughly every four years, computer software will make it twice as hard to mine bitcoin and reduces in size the value of the rewards.



https://www.youtube.com/watch?v=5LMS0PIzGh8



When Bitcoin was first created, it was possible to almost instantly mine a cryptocurrency using even a basic computer. It now requires rooms of powerful devices, most often advanced graphics cards skilled at processing calculations. These, when combined with a volatile bitcoin price can make mining more expensive than it is worth.



Miners also choose which transactions are bundled into a particular block as well, which means that fees of differing amount are charged by the sender to provide an incentive. After all coins have been mined, these fees will be a source of incentive for further mining. This is needed as it helps to build the infrastructure of the Bitcoin network.



Who was the first person to coin bitcoin?



In 2008, the domain name .org was purchased and an academic whitepaper titled Bitcoin: A Peer to Peer Electronic Cash System was uploaded. It laid out the theories and design of a method which would create a currency digitally free of control by any institution or government.



The author, going by"Satoshi Nakamoto" Satoshi Nakamoto writes: "The root problem with conventional currencies is all the trust that's required for the currency to function. Central bank officials must be trusted to not debase this currency. However, the history of fiat currencies has seen numerous breaches of trust."



The software discussed in the paper finished and released publically, beginning the bitcoin network 9 January 2009.



Nakamoto continued working on the project with various developers until the year 2010 when Nakamoto resigned from Project and left it to its own devices. The real identity of Nakamoto has not been revealed and they have not made any public announcements during the past few years.



The software is now open source. That means anybody can download, read, or contribute in the development of the software at no cost. Many organisations and businesses work to improve the software, like MIT.



What are the biggest issues with Bitcoin?



There have been many criticisms of bitcoin. how to activate royal q robot of them is that the mining system is enormously energetically demanding. In the University of Cambridge has an online calculator to track energy consumption and at the beginning of the year 2021, bitcoin was estimated to use over 100 terawatts per year. To give an example, in 2016 this year, the United Kingdom used 304 terawatt hours.



The cryptocurrency is also linked to crimes, with experts pointing out that it being a good way to use black market money for transactions. The truth is, cash has served this function for many centuries. The public digital ledger could be a tool in law enforcement.










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