Bitcoin the first cryptocurrency is also known as the best of more than 5000 cryptocurrencies in existence today. It is a virtual currency designed to act as money, that can you buy, sell and exchange without any intermediary. It is the First decentralised peer-to-peer payment network that is powered by it's user .
Bitcoins can currently be subdivided by seven decimal places: a thousandth of a bitcoin is known as a milli and a hundred millionth of a bitcoin is known as a satoshi.
Who created It
Bitcoins has been created by a person or a group named Satoshi Nakamoto in 2008, no one really knows who is behind the pseudonym Satoshi Nakamoto. Bitcoin is introduced to the public in 2009. Hal Finey the First person to download the open source software received 10 Bitcoins from Satoshi Nakamoto.
Purpose of Bitcoin
Bitcoin was intended to provide an alternative payment system that would operate free of central control but otherwise be used just like traditional currencies. A centralized system has a central point of failure, in a centralized system we are putting a lot of trust in a third party to handle our money properly. Bitcoin is peer-to-peer software which means that there is no server no centralisation there are only clients.
How does it work
Each Bitcoin is basically a computer file which is stored in a digital wallet app on a smartphone or computer. People can send or receive Bitcoins from digital wallet,every transaction of Bitcoins are recorded in a public list which called block chains.
A blockchain is a distributed ledger, a data base disseminated between multiple users.
Bitcoin uses the SHA-256 hashing algorithm to encrypt the data stored in the blocks on the blockchain. Simply put, transaction data stored in a block is encrypted into a 256-bit hexadecimal number. That number contains all of the transaction data and information linked to the blocks before that block.
1 Bitcoins - 2509331.76 INR
1 Bitcoins - 32594.10 USD
1 Bitcoins - 2281065.49 RUB
1 Bitcoins - 5006470.99 JMD
1 Bitcoins - 51469.83 NZD
1 Bitcoins - 4251753.67 JPY
1 Bitcoins - 9998.24 KWD
1 Bitcoins - 30855.53 EUR
How to get Bitcoins
Getting Bitcoins there are three ways:
1. You can sell things and let people pay you with Bitcoins.
2.You can buy Bitcoins using 'real' money.
3. It can be created using a computer