BTC Full form

Bitcoin is a digital currency that does not have a central bank or a single administrator. It takes place between users who take the assistance of the peer-to-peer bitcoin network. Bitcoins are in the rewards form created as a process. It is known as mining.

Who created Bitcoin?

An unknown group or individual by the name Satoshi Nakamoto came up with this idea of peer-to-peer electronic cash system. However, the identity of Satoshi Nakamoto is not known.

How does Bitcoin work?

Bitcoin is not any coin. Bitcoin is an accounting ledger distributed and stored in a chain of blocks form. Thus, it is known as a blockchain. It is a centralized system, and the bank is the entity holding the ledger. As the leger is with the bank, the verification is their responsibility. Once the transaction is successful, the bank deducts one account and credits the other account with the amount.

Bitcoin works digitally that it has no central figure verifying or maintaining the transactions. Thus, a ledger copy is available across Bitcoin nodes. Here a node refers to a software piece that allows anybody to download and to run on the network. There is a copy of your balance, and you need not worry about the fund balance disputes.

How does mining take place?

A Bitcoin miner uses his or her computer rigs so that the transaction helps to validate as per the ledger. To stop a miner from doing arbitrary transactions, you must solve a complex puzzle as a task. If the miner solves the problem, then she or he can add into the ledger the transactions, and the final record is successful.

Running computer rigs is expensive and so is the electricity cost. The miners receive Bitcoins as rewards, and the fees get paid by each person wishing to transact. Thus, the Bitcoin ledger is strong, and there is nothing to disturb the security. Yet, there are a few risks associated outside the Bitcoin protocol control.

How to maintain safety?

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