What is Bitcoin? What about the benefits?

Bitcoin is a valuable blockchain technology. Bitcoin is a virtual currency created in 2008 by an individual named Satoshi Nakamoro.

The new currency is the most valuable draft currency of any currency in circulation in the world today. An issue that has plagued technologists to date is how to transfer a device to another person without having a hard copy. For example; to send 50 birr per person digitally, there is no evidence that a copy is not left with the sender.

This is an issue that cryptographers have long struggled with. Cryptocurrency is a new technology that solves this problem.

In the normal system, the countries’ currency circulation is controlled by the government and banks. Bitcoin is a currency controlled by its owner, and the legitimacy of the transaction is verified by all Bitcoin users.

It’s a technology that allows people to transact with anyone in the world from anywhere without the need for a third party or a bank. Man cannot control and manipulate it. Even governments. The control is in the hands of all individuals, and the data is stored on all Bitcoin users’ computers.

For example, when someone becomes a Bitcoin user, they enter an account name, choose a secret key, and open an account, just like Gmail and Facebook. This password is so strong that there’s no risk of it being stolen. He can then send Bitcoins to anyone he wants.

Copies of those transfers are stored on computers around the world. Even if these two men deny each other, the truth can be known because the transmission was recorded and copied by computers all over the world.

Let’s take a simple example. For example, if a person wants to buy shoes and goes to the bank to withdraw money, the bank will check whether the person has money in his name and give him money. Only the bank knows whether the person has the money or not. Once approved, he can give money and buy whatever he wants.

If the person wants to buy with a payment card and gives the card to the shopkeeper to check the shoe purchase; That third party, the bank, controls whether the person has money.

Let’s come to Bitcoin. It’s people around the world who control whether someone who has access to Bitcoin buys a commodity and has the money or Bitcoin. It ensures that when the person to whom Bitcoins are being transferred asks if they have Bitcoins, computers around the world will say “yes” if they have enough Bitcoins and “no” if they don’t. Once payment is made, a copy is distributed to computers worldwide.

If a bitcoin registered in my name is public, why is it confidential?

No, I don’t. Once payment has been made, transcripts or copies will be stored under a pseudonym. Not by username. A secret code is verified upon the opening of the first Bitcoin account. That is a secret mosaic that no one can open and fool. That’s why these currencies are notional and some are virtual.

How much will Bitcoin be worth when it’s converted?

The price of Bitcoin is constantly increasing. Some changes also occur. For example, in May 2010, the price of 1 Bitcoin was $0.01 In December 2017, the price of 1 Bitcoin reached $19,783. At the time of writing this post, the price of one bitcoin has risen to $22,341.50.

Bitcoin was created because the purchasing power of money was declining as paper money was being printed all the time. But Bitcoin does not have this risk. Only 21 million Bitcoins have been created in the world. The bitcoin is estimated to last 122 years. The purchasing power is not expected to decrease because the fate of that focus is not at stake.

Can Bitcoin be transferred to any computer?

Yes, it was possible. Now, however, as the Bitcoin cycle grows, the demand for better computers begins as regular computers begin to burn out. Now supercomputers with the capacity of standard 500 computers are required to perform these Bitcoin transfers and receive Bitcoins.

Is Bitcoin Rising Up Against?

Yes. The computers used for Bitcoin transactions require very high power. Because it operates outside the control of the government and banks and is not permanent, questions of legitimacy often arise. If governments want to impose restrictions on money transfers, this will be difficult for them.

Are there any countries that use Bitcoin?

Yes, they are, and they are being used properly by the likes of the United States, Canada, Germany, the Netherlands, Singapore, Switzerland, portugal and other larger countries.
Finland and Belgium have adopted Bitcoin in different ways, including China; Russia; Vietnam and Bolivia are also embargoed countries.

Thanks, please leave a comment if you have any questions about what’s going on.