Skip to main content

All you need to know about Bitcoins: What are Bitcoins and how do they work?


Bitcoin is a virtual banking currency of the internet. It is basically a Cryptocurrency. It can be generally defined as lines of computer codes that hold monetary value, however, they don't have any physical existence. These lines of code are being created by electricity and high-performance computers. Although the name suggests that it's a coin, but actually it's a digital currency and it can be stored in e-wallet.

The computer users who use to create and maintain this digital currency are called as 'miners'. Bitcoins can be 'mined' by anyone but for that, one needs to have a strong configuration computer. The payment of the Miners are being done by Bitcoins and the payment is done on a  weekly basis as per their contribution to the network. Now for example, if you are a minor then for a single personal computer mining Bitcoins, you may earn from 50 cents to 75 cents USD per day, deduct your personal electricity costs while running the computer. For a very large-scale miner who runs 36 or more powerful computers simultaneously, then that person can earn a maximum of $500 USD per day. That's too much of money, isn't it?

The interesting fact about Bitcoins is that Governments don't have any control or trace over the creation of Cryptocurrencies, and that is why initially it has been made so popular. 

What Are Bitcoins?

The first cryptocoin currency ever invented is the Bitcoins. However, no one exactly knows who created it. As per the leaks, Bitcoins first appeared in the year 2009 and was developed by a developer named Satoshi Nakamoto.

One of the advantages of Bitcoin is that it can be stored offline on anyone's local hardware. This storing process is called "cold storage" and it also protects the currency from being stolen by others. When the currency is stored anonymously on the internet, then there is a high risk of it being stolen. So this is one of the safest places to store your money.

How Bitcoins Work?

Bitcoins are completely virtual coins and they don't need for banks to move and store the money. You can use your bitcoins to purchase goods and services online, or you can keep them with you and can hope that their value might increase over the years.

The value of a bitcoin varies daily similar to share market. If you want to check it's present value then you can check places like Coindesk to see its current value. As per the update till date, there are more than two billion dollars worth of bitcoins existing. Expects are suspecting that Bitcoins will stop being created by the miners when the total number reaches 21 billion coins. Till date approximately 11 million of those Bitcoins already mined. So we can say that in future Bitcoin digital currency could be in your e-wallet.

Comments

Popular posts from this blog

Jio Launches "Happy New Year 2018" plans.

Reliance Jio, a fresher in telecom domain has already created a stir in the digital ecosystem with its marketing strategies. Now it is all set to rule 2018 with a bang by launching two prepaid monthly plans. Rightly called "Happy New Year Plan". First one is Rs 199 for 28 days. This plan offers 1.2 Gb 4G data along with free call services per-day. The second one is of Rs 299 for 28 days. This plan offers 2Gb 4G data with free call services per day. The effective cost is less than Rs 6 per Gb. Apart from high-speed broadband services these plans come with other peripheral services of an unlimited voice call to any network, app services, and national roaming services for prime members. Jio eventually finalized a deal with BSNL to use intra-circle roaming facilities in national roaming mode. Reliance Communications, on the other hand, signed a deal of Rs 240 billion to sell its wireless assets to Reliance Jio Infocomm. The collaborations and marketing strategies of Jio are...

Nokia 3310 4G will be running on Android based operating System:YunOS

The old man Nokia 3310 with 2G support was launched on 26 February 2017 by HMD Global. Back from the dead, it revived itself with the 3G network after getting a lukewarm response from the first launch. Yet again, the reincarnated version failed to stand up amongst its competitors mainly because of its basic OS. But the old man never lost his hope. Something more effective and productive is on its way.   According to recent leaks, 3310 will be running Alibaba’s YunOS, an android based OS. It is smart platform switch by Nokia from Java-based Feature OS to YunOS. It is based on Google’s Android Open Source Project (AOSP). It is cloud-based and has high compatibility. A wide range of Internet of things (IoT) devices run on this android clone platform. This platform is actively utilized by more than 157 million devices in China. If all falls in correct place, HMD will witness its blockbuster hit by giving a home to this old brick. With the 4G network to come up, ...

List of Smartphones that will get Android Oreo Update in coming months.

In August, 2017, Google revealed its new mobile operating system called Android Oreo 8.0. Google officially released the beta version of the developer preview of the OS in March, 2017. So the wait is over and all the mobile manufacturing companies have already started rolling out Android Oreo update. If you are wondering when will your device get the Android Oreo update, please check the below list to find out the smartphones getting Android Oreo 8.0. Note :  This is not a finalized list of smartphones that’ll receive the Oreo update in coming months. To check if your phone is there in the list, you can press Ctrl+F in your keyboard and type the name of your device. Here are all Mobile devices expected to receive Android Oreo 8.0 update: Samsung Galaxy S8 Galaxy S8 Plus Galaxy S8 Active Galaxy Note 8 Galaxy Note FE Galaxy S7 Galaxy S7 Edge Galaxy S7 Active Galaxy J7 2017  Galaxy J7 Max  Galaxy J5 2017  Galaxy A7 2017  Galaxy A5 2...