FUTURE MONEY: Everything you need know to about bitcoins

If you are a Economist or a Business man then this post is for you.The current value of a bitcoin is approx 69000 INR, yes it's true. A year ago it's value was about 900 INR(approx). If it is going with this speed then anything could happen to economy of the world and today we are going to describe you what is bitcoins?advantage,disadvantages, How to get it

 HISTORY OF BITCOINS

In 2008 a paper was posted on the internet under the name of Satoshi Nakamoto titled Bitcoin. it is a Peer-to -Peer internet based cash system.In January 2009, the first open source of bitcoin comes in existence. In 2010 a major vulnerability in the bitcoins protocol was traced. Transactions had some bugs, it was not properly verified their were transactions log which let users bypass bitcoin's economic restrictions and by using this log some users create indefinite numbers of bitcoins. same year in august the bug was exploit and billions of bitcoins were generated in the transactions and this was done in few hours after that the bug was fixed and they come with the new version of bitcoin protocol and this was the last security flaw found in bitcoins history. this is the biggest advantage of bitcoins because they are working very hard for their bugs of bypass

Bitcoins is not a  normal currency, You cannot make transaction by it physically like your normal bills, you need a payment gateways like paypal or VisaCredit card network. These payment gateways holds your money and also helps you spend it, trade it a d move it from one place to another using to E-mail. The transaction process is quite simple,your bitcoins can be transfer to your bank and you can send your money to your friend very easily.

RELATIONSHIP WITH DARK WEB


As I told you in the beginning of the post the  bitcoins has disadvantages. The major disadvantage is the relationship with Dark Web, you cannot use your Dollars, Euros or Yen in dark web their is only one way by which you can make transaction is by bitcoins Every illegal thing which could be done on dark web could be done we can call dark web the place of criminals you can do any crime on it if you have those bitcoins but dark web is not a place where everything is bad there is some good things about dark web too but good thing about bitcoin is that all the bitcoins transaction are recorded online for anyone to see, lending  a certain transparency to the system.

BLOCK CHAIN

Block chain as the name suggest it is chain of blocks and here blocks are the records or we can call it list of records and blockchain is a database that maintains the continuously spreading records that is is blocks.then what is block actually have or what it contains? usually timestamping(is the process of securely keeping track of the creation of a document.) and contains a link to a previous block . Blockchains are like a power that opposes the any change in the document or the information of the document. simply it is an ledger that records the transaction and also saves it from any change.


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