. Bit coin is a crypto currency. it's basically digital asset designed to work as a medium of exchange that uses cryptography to control it's creation and management rather than relying on Central authorities.
cryptocurrency uses a system of cryptography to control the creation of transactions.
(Cryptography :- the art of writing or solving codes).
*In these types of transactions every time they uses new codes. so that their transaction is safe without knowing the receivers and senders identity.
# features of bit coin :-
1.Bit coin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously.
2. no single Institute controls this network.
3. it's like an online version of cash. you can use it to buy products and services, but not many shops accept bit coin.
#bitcoin public ledger :-
1. all confirmed transactions from the start of bit coins creation are stored in a public ledger.
2. this Complete record of transactions is kept in a block chain, which is a sequence of records chain called blocks.
3. as of late 2016 the Complete ledger is about 107gb of data.
*father of bit coin is Satoshi Nacamoto .
*in November 1st 2008 a man named Satoshi Nacamoto posted a research paper to an obsured cryptography list describing his design for a new digital currency that he called bit coin currency.
*the idea of digital money :- convenient, untraceable liberated from the oversight of the government and banks. this has been a hot topic since the birth of Internet.
* public ledger :- block chain to maintain ledger. people contribute through mining and get bit coin reward.
*Bit coin mining :- bit coin software is installed in a couple then could solves the complex codes and problems and form an algorithms for ledger.
Q:- How do people get bit coin?
A:- 1. people can get bit coin by using real money 💵.
But coin price - $1,900(2005-2017).
2. you can sell things and let people pay you with bit coin.
3. they can be created using a computer 💻 too.
Q:- Why are bitcoins valuable?
A:- There are lots of things other than money which we consider valuable like gold and diamonds.
the Aztec used cocoa be no as money.
Bitcoins are valuable because people are willing to exchange them for real goods and services and even cash.
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