Technology

The Insider’s Guide to Bitcoin (2018)9 min read

Have you ever thought of online transaction and that too for completely free? Ever thought of transaction to your loved/near oBitcoinne’s from your account to another account that is located at another part of the world for a completely free and without the involvement of banks? Banks undoubtedly charges you a huge commission for international transactions.

Here are solutions to all your queries and problems that you face generally while making online transactions. Yes, I’m all set to introduce you to the most trending , stellar, copious, enthralling BITCOIN.

 

History

Bitcoin was first coined by the unknown person named “Satoshi Nakamoto” in 2009. Unfortunately, no one in this world has ever met him nor knew his identity. As he’s never came out for media coverage or anything like that. He is considered being residing in JAPAN anonymously. He built a peer-to-peer method that allows you to send btc(bitcoins) to the receiver in no time lag. He himself published a paper that consisted of his basic idea behind BITCOIN working and construction at metzdowd.com explaining all about the digital currency and cryptography. In January 2009, he successfully launched his idea into reality the so-called BITCOIN which emerged as a most loving method for almost all age groups. He released his first version 0.1 of bitcoin software on SourceForge on 9th January 2009.


In 2007, he started working on the bitcoin coding and build a platform to bring forth bitcoin specialized platform. A well designed and special coding worked well regarding extreme usage and a script that he himself wrote to make his online platform completely available to almost all its users without any delay.

After that he created a website bitcoin.org and collaborated with some other like-minded people that proved a boost to the notion. After working for almost a year long he left his job in 2010 and from here onwards nobody knows about him or any sign of his existence. From here onward other members started looking around the bitcoin transactions and in no time it gained a lot of attention including many big investors, business leaders, public and many more.

It has brought a huge revolution to the online transactions method that had started to replace transactions via tedious banking method.
For Nakamoto, the sole owner of the bitcoin specialized platform is considered to have 1million of bitcoins in his bitcoin wallet address as measured by public transactions. Following which he has a 447 billion of worth (as measured live by preev on 30th May at 12:46PM INDIAN STANDARD). Since he has never used his bitcoin wallet transactions for the year 2009 – 2010. Now according to the sudden rise of the price of bitcoin on December 2017, he has became the 44th richest person of the world.

More about BITCOIN

Bitcoin is a decentralized cryptocurrency that uses its own code for functioning huge users without the involvement of the bank.
In simple words, the bitcoin is a virtual currency that can only be handled online and there’s no physical existence of this bitcoin thing. There is no authority that owns the bitcoin transactions and any other queries. And this is the most amazingly loving plus concerning feature. Because you are not going to file any case or complaint (say) to other side of bitcoin user. It’s totally fair and transparent form of transaction where a user’s profile and transaction details are put online without any consent. So this is the most praising and on the other hand a major concern to some of you.
“SATOSHI” is the unit of bitcoin(btc) that it’s generally represented in all the online network system.

Below is the useful conversion table :

Bitcoin conversion table

 

 

 

 

 

 

 

 

Note : The above data is measured at a particular instant of time and may fluctuate with time.


 

Concept – Major Theme of BITCOIN

Bitcoin works on the concept of Blockchain.
Blockchain is a chain of blocks that contains a data.

Let me clarify it by giving you an example. Suppose you have three (3) cube(each cube contains unique data, hash & hash of previous block) that contains a data. Now these three are connected via a chain sharing their unique hashes to each other. The hash once generated cannot be rectified.
In General Data contains the details like Sender’s Unique Identity, Receiver’s Unique Identity, Receiver’s Wallet Address.
The hash is nothing but a unique code that is generated while making any transactions which is quite similar to your finger print. Like you have a unique finger print, same is with the hash. The hash cannot be regenerated after a successful transaction. It can only be generated once for a single transaction and the process goes on and on.

Now the 3 cubes of block are connected via a chain that cannot be changed by any addition of block/s or removal of block/s. It’s the primary function of Blockchain. The Blockchain works on peer-to-peer network that means no one’s going to violate your data once entered. They can only be shared.
Likewise there are a number of blocks that are connected via chains and there is no harm to the data once entered. Because it’s one of major feature of the blockchain technology.
The Blockchain Technology can be used for Smart Contracts, Media Records, Collecting TAX, E-Notary.

Transactions

As I said that the whole bitcoin technology works on Blockchain Technology so there is a peer-to-peer network between you and other users once registered on any bitcoin services. (I’m not going to name any, better go search internet).
So there’s no transaction limit, you can do as many transactions as much you want. But do take care of the miners that work between you and the receiver. So he’ll do all the checkup like data entry, the wallet address of the sender and the receiver, network setting, etc.

Miners are actually a kind of people that solve some algorithm (Mathematical calculations, user verification, etc) while you perform a transaction. This process is completely done in online mode. There is no physical work. For this Job, the miners are paid off from your bitcoin wallet while making a transaction.

The person who you want to send btc(bitcoin) and you off course have been registered to any bitcoin service (For some issue I’m not telling you the names of the sites/apps that perform this job). And once you’ve registered then in no time lag you can go do btc(bitcoin) transaction. Its purely safe and secure (Depends on the services/app/site that you are using). The whole process came to known as Proof of Work.

How to buy/sell btc(Bitcoin)?

Now comes the point that you may ponder of buying a btc(bitcoin) for and do some online btc
transactions or you may hold it and sell for some big amount. There are few sites that allow you to convert your dollars into cryptocurrency like btc (Again I’m not disclosing the names of those site, you may search for the same).

1) Convert your currency into btc(Bitcoin) :

The very first method is to convert your paper currency into the online cryptocurrency. Many sites allow you to make a conversion from your suitable currency into cryptocurency. Here you can use your your VISA/DEBIT CARD/CREDIT CARD/NET BANKING for payment.

2) Buy Bitcoin from online sites

The second way is to go on sites that allows you to buy bitcoins from the sellers and in this way you can also sell your bitcoins. There are many sites that allows you to sell/buy bitcoins from users on their site. Again, if you feel safe, then go for it rather keep a distance away from it because it’s a two way interaction process that works only when both buyer and seller give consent to the contract.
Now let’s get to know how and when to sell your Bitcoin?

For selling your Bitcoin asset you are to go to a site that leads you to the Bitcoin selling option. Again there are many sites that allows you to sell your bitcoins in lieu of bitcoin.

Now, time to know when is the correct time to sell it? The time that you could start selling your bitcoins will depends upon many factors; one simple trick is to check out the current trade trend. You’ll get acquainted with some really amazing stuff.

Who owns the Bitcoin?


Since the beginning of this technological revolution, nobody has ever met with the so called bitcoin owner but when it comes to founding member. Only one name comes to every mouth, and that is “SATOSHI NAKAMOTO”.

 

You might be eager to know real owner then here’s your answer : Nobody. Yes, nobody owns the bitcoin technology. And if there was someone else then nobody knows about him. It works on the code that the so-called founder had developed.

Pricing and Future View of BitcoinTop 10 tech giants that accept bitcoin transactions

According to my point of view the future of bitcoin and bitcoin holders is goanna bright as the price of the Bitcoin market will surely rise breaking a threshold value of last year. The price will hit 6× the current price (measured live) and so there will be a huge profit to bitcoin marketers out there. Also there are many popular websites that brought Bitcoin to its use. And now they are accepting the Bitcoin payment channel without any other thought.

The price will rise to its maximum value on the last month of this year, December. As is predicted by me.

Hope you have got all that you wanted if not then go drop a comment below and I will respond and help you solve the problem out.

Note :
The last section(Pricing and Future view of Bitcoin) of this article deals with the author’s personal views without harming any public figure, investors, business leaders, etc. 

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About Author

He is a passionate writer or you can say a blogger. He loves to share his views, opinions, knowledge about technological gadgets, products, etc. He has a keen interest in reading fictious, adventurous, thrilling, biographical books.

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