The Production Principle and Characteristics of Bitcoin

-

Production principle

Speaking of the essence of Bitcoin, the essence of Bitcoin is actually a special solution generated by a series of complex algorithms. 

A special solution refers to a set of finite solutions that can be obtained from a system of equations. Each specific solution can solve the equation and is unique. 

Using the analogy of banknotes, Bitcoin is the serial number of a banknote. If you know the serial number on a banknote, you will own the banknote. 

The process of mining is to continuously search for special solutions of the equations through a large number of calculations. 

The equation system is only designed with 21 million special solutions, so the upper limit of Bitcoin is 21 million.

 

Currency characteristics

Decentralization:

Bitcoin is the first distributed virtual currency. The entire network is composed of users and there is no central bank. Decentralization is the guarantee of Bitcoin's security and freedom. Circulation around the world: Bitcoin can be managed on any computer connected to the Internet. No matter where they are, anyone can mine, buy, sell or collect Bitcoin.
 

Proprietary ownership: 

A dedicated key is required to operate Bitcoin, which can be stored separately in any storage medium. No one can get it except the user himself. 

Low transaction fees:

Bitcoins can be sent for free, but eventually a transaction fee of about 1 bit will be charged for each transaction to ensure faster execution of the transaction. 

No hidden costs:

As a payment method from A to B, Bitcoin has no cumbersome limits and procedures. If you know the other party's bitcoin address, you can make a payment. Cross-platform mining: Users can explore the computing power of different hardware on many platforms. 



Follow: Anjan Diyora

Comments

Post a Comment

Popular posts from this blog

In the Web World: Who Owns Who?

-
Image
How are these large MNC's remaining on top? In this article, I'll share with you what methodologies the enormous companies are utilizing to remain on top and breaking point rivalry on the lookout. Contemplating the Future Companies, for example, Facebook, Google, Expedia, and Amazon are continually considering what's to come.  They investigate what they did previously and where the latest things are going.  Facebook's new Newsfeed calculations will make a more amiable and drawing-in experience for its clients. Facebook listened when users said they would not like to see immaterial and posts they don't esteem any longer. Accordingly, Facebook clients will see more things that they like and promotions will be less misleading content.  Another model is Amazon's new online media stage called Spark. They saw how its clients invest their energy in other online media stages and needed to impersonate it.  Flash is a combination of Pinterest and Instagram...
Read more

The Relationship Between Tesla and Bitcoin.

-
Image
  Tesla US official website supports bitcoin payments, and bitcoin has risen by $1,000 in the short-term. Tesla also stated that Bitcoin is the only cryptocurrency that Tesla accepts, and currently only supports Bitcoin payments for customers in the continental United States, and that it will consider expanding to other markets in the future. The Indian market will be the next market that supports Bitcoin payments. In January 2021, Tesla has purchased $1.5 billion worth of Bitcoin. At the same time, Tesla hopes to use Bitcoin as a payment method and use digital currency for pricing and sales of its products.   Follow: Anjan Diyora
Read more

Your Everyday’s One Click Make You Rich In Future| Pi Network |

-
Image
    About Pi Network What is Pi Network? This platform is base on blockchain technology. Pi is a new digital currency. Mobile app allows you to access and grow your Pi holdings and serves as wallet to host your digital assets. Pi is fairly distributed, eco-friendly and consumes minimal battery power. It Launched in 2019 by three Stanford graduates, PI cryptocurrency quickly gained popularity among users. Cryptocurrencies are a new form of digital money that is maintained and secured by a community, instead of by governments or banks. Today, you can mine (or earn) Pi by helping to secure the currency and by growing Pi’s trusted network. While most cryptocurrencies (like Bitcoin) have been very hard for everyday people to use and access, Pi puts the power of cryptocurrency into the palm of your hand. How You Can Enter In PI Network?   1. Go to the App Store or Google Play. And Install Pi Network . 2. Specify the registration method: Facebook or phone number...
Read more