In this article, we will discuss: How Bitcoin differs from other payment services?
• Bitcoin History
• Bitcoin terms and meaning.
• Bitcoin processing fees.
Introduction BITCOIN, nowadays I am hearing a lot about it and really good news only so today I thought to get an idea about it. Decentralized money which are neither printed like dollars or euro nor owned by any government, bank, or company is known as Bitcoin. This is a peer-to-peer technology that has no central authority and is used to manage transactions. Although this open-source whose controlled by no one everyone can take part in it. This is designed for the public.
Let us discuss each point one by one. How do Bitcoins differ from other payment services? The first and major difference is payment gateways use currencies like Indian rupees, and US dollars whereas Bitcoin itself is a currency. Payment gateways are to do secure transactions in which banks are involved, whereas Bitcoin doesn’t need any banking system and replaces it with blockchain technology. Bitcoin History: In 2008, Satoshi Nakamoto invented a payment system and in 2009, he mined the first block of Bitcoin known as the genesis block. At that time the value of 1$= 1,309 BTC and now it reaches around 410$. (The values when I published this article) Bitcoin Terms and Meaning. BlockChain - the shared public ledger on which the whole Bitcoin network depends. Transactions - the value that transfers between Bitcoin wallets. Private Keys - a secret piece of data resides in a Bitcoin wallet. Bitcoin Wallets – the mobile application used to keep their private keys. Mining- it is a process of adding transaction records to the public ledger. Bitcoin Core is a program to decide which blockchain contains valid transactions. Bitcoin processing fees: The processing fees for Bitcoin are very less usually less than 40 cents. (The values when I published this article)
Conclusion: Bitcoin has so many benefits but still people are not so much aware of this. As there is no proper marketing of this people are not so much educated about it. This topic is so vast and I really give only some basic ideas for beginners. It’s just an introduction to Bitcoin for my readers and surely I will write more about this topic.
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