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Bitcoin is a decentralized digital currency created in 2009 that exists on a peer-to-peer network. It is not controlled by any central bank or authority. Bitcoins are generated through a process called mining, where people use computers to solve complex mathematical problems to validate transactions and earn new bitcoins. While bitcoin offers benefits like anonymity, security, and lack of transaction fees, it also has drawbacks like volatility in value, limited acceptance, and inability to reverse payments.
Bitcoin is a decentralized digital currency created in 2009 that exists on a peer-to-peer network. It is not controlled by any central bank or authority. Bitcoins are generated through a process called mining, where people use computers to solve complex mathematical problems to validate transactions and earn new bitcoins. While bitcoin offers benefits like anonymity, security, and lack of transaction fees, it also has drawbacks like volatility in value, limited acceptance, and inability to reverse payments.
Bitcoin is a decentralized digital currency created in 2009 that exists on a peer-to-peer network. It is not controlled by any central bank or authority. Bitcoins are generated through a process called mining, where people use computers to solve complex mathematical problems to validate transactions and earn new bitcoins. While bitcoin offers benefits like anonymity, security, and lack of transaction fees, it also has drawbacks like volatility in value, limited acceptance, and inability to reverse payments.
Sanchi Monga(024043) Pallavi Dureja(024031) Bitcoin, what is it? • Bitcoin is a form of digital currency.
• No one controls it, it is a decentralized currency, which means that
no big bank or institution can get a hold of your money.
• It is the very first form of a growing category of money called
cryptocurrency, created in 2009.
• The inventor of Bitcoin is Satoshi Nakamoto, which is not his real
name.
• Bitcoins are stored in a personal online wallet that cannot be frozen
by anyone. Value of Bitcoin since its creation (2009-2019) Other crypto currencies and value/coin
Bitcoin : 1 BTC = 6,93,695 INR
Litecoin : 1 LTC = 6,476 INR
Ethereum : 1 ETH = 15,147 INR
How are Bitcoins generated?
• Bitcoins aren't controlled or printed by the big banks.
• They are created digitally by a large community of ordinary
people, also, anyone can join.
• Bitcoins are 'mined' with computers, solving various
mathematical equations over the web. How does bitcoin mining work? What is Mining? Mining is the process of adding transactions to the blockchain.
How does it work?
Mining is a distributed consensus system that is used to confirm pending transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all the subsequent blocks. Pros and cons of using Bitcoin PROS • Independent currency (account cannot be frozen)