With the time passing by, improvements in technology our ways of performing things have become easier and better. Earlier, we only used coins and notes, then debit and credit cards came into use. And it’s not surprising that completely digitalized forms of currency also known as a cryptocurrency may into use soon. These are getting more popular over the decade.
Currently, the most recognized cryptocurrency is Bitcoin. Some of the people still may not have understood actually what is a bitcoin and how to earn bitcoin? The way rupees is used in our country, a dollar is used in the US, in the same way, bitcoin is used over the internet as a form of money. The person who invented it is still unidentified but the complete transaction was given on paper by Satoshi Nakamoto. He explained how using cryptography we can make transactions without using any centralized firm. This paperwork was given by him in 2009. And after that, this individual was never found.
How does bitcoin works?
There is no one sitting above bitcoin and it iscompletely open-source which is managed by a community of people. Bitcoin is virtual money which we get mostly at a few websites or apps as our wallet balance. Earlier, when it was founded it did not have any value but with the time passing by it has grown itself and currently its market value is estimated at around 5,00,000 INR. The price of bitcoin is completely determined by its demand and supply.
Suppose an individual sends a bitcoin to another random person by using his bitcoin wallet address. This transaction openly goes to the blockchain. This blockchain consists of every detail of each transaction made by any user. All these details are encrypted and go to multiple computers at a time.