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WHAT IS BITCOIN? HIW DOES BITCOIN WORK?
What is Bitcoin - Bitcoin Information in GujaratiWhat is the history of Bitcoin?How does Bitcoin work?
Today is the time of internet and in this age of internet everyone pays more online because this is a simple and time saving system.
You may be doing online money transactions and you can use the money by holding it in your hand but have you seen any money that you cannot hold, money that is simply stored in your mobile or computer.
Today we are going to talk about one such currency which is called Bitcoin. You will not be able to catch this bitcoin one day because it is simply stored in your mobile and computer in electronic form so let us now know what is this bitcoin? Learn about how it works and many other bitcoins.
What is Bitcoin - Bitcoin Information in Gujarati
What is Bitcoin - Bitcoin Information in Gujarati
All the countries in the world have one currency like India's currency is rupee, US currency is dollar similarly bitcoin is also one currency but we can use rupee in physical form but we can use bitcoin only in digital form.
Bitcoin is a cryptocurrency that is not controlled by any authority, the currency is called currency in English so no one controls Bitcoin in the same way as our Indian currency is controlled by RBI (Reserve Bank of India).
Bitcoin is a user-driven currency. You can also call Bitcoin a digital currency or a virtual currency, a virtual currency because you can't see it in physical form, you can just store it in your mobile and computer and see it in statistics.
You may have seen many Bitcoin coin photos online but these are just Bitcoin photos.
Bitcoin can be sent from one user to another on the Peer to Peer network without any intermediaries so if we send Bitcoin to our friend it gets there without any intermediaries.
For example if we want to send our money to someone else's account it is possible by the bank and the bank stores all your records so that if you make any transaction it is reported to the bank but nothing like that happens in bitcoin, you can go to any central bank Without it, you can send your money without any admin and the account you have is safe in the block.
So let us now learn a little bit about the history of Bitcoin and how Bitcoin originated.
BITCOIN BTC LIVE PRICE IN INR₹ SEE NOW
What is the history of Bitcoin?
Bitcoin's main website is bitcoin.org and its domain name was registered on August 18, 2008. Bitcoin was introduced in 2009. At that time a white paper was published by a man named Satoshi Nakamoto.
Bitcoin was born so that no authority, admin or individual could control this currency and there would be no problem in transactions. You can see this white paper by searching "bitcoin whitepaper" in Google.
How does Bitcoin work?
It is important to know how this bitcoin works if no authority or person controls it.
Just as we need a currency like rupee or dollar to buy something and through it we can buy the desired item, just like you can buy a headband if you can buy it with rupee then we can buy things with bitcoin.
If your friend urgently needs money, you can send money to his account, just as you can send bitcoin to his wallet.
Bitcoin transactions are done through Wallet, a software or application that you can install on your computer or mobile to exchange Bitcoin.
If you have Bitcoin, you can convert it into Rupees. Today, on 8-6-2021, the price of Bitcoin is 24 lakhs. If you type "1 bitcoin in inr" on Google you will see the price of bitcoin.
Now let's understand how Bitcoin is transacted. So how do you get Bitcoin from one user to another?
When you send your money to someone else's account it goes through the bank, you deposit that money in the bank and the bank processes your money and deposits it in someone else's account.
When Bitcoin is passed from one user to another, its record is stored in a public ledger and miners are required to verify that the bitcoin was sent correctly and miners verify your transaction in which they solve very large equations in the computer and 1 bitcoin transaction is then verified. When someone verifies and verifies a Minor 1 transaction, they get a certain bitcoin reward and it is called mining.
Now every bitcoin you transfer from one wallet to another is stored in a public ledger and this record is protected by cryptography so everything is written in code and because of this no miner can know that this bitcoin Who sent and received.
Miners get certain bitcoin rewards for verifying 1 transaction and for that they do mining. They have heavy processors and systems that process a lot for mining which is very costly.
This transaction is done through blockchain technology so if 1 person gives bitcoin to another user all the miners are informed in their computer software and there are many miners to verify 1 transaction, first of all they solve the transaction puzzle and verify it. There is some bitcoin in the prize.
These transactions are stored in block or code form in all systems, so if a hacker tries to hack 1 system, he has to hack the whole system and it is very difficult to hack bitcoin.
1 It is also difficult to duplicate Bitcoin because if Bitcoin is recorded in the public ledger then if any person commits any tampering then everyone is aware of it so the transaction process is very strong.
Now you know how Bitcoin works.
How does the price of Bitcoin rise and fall?
The price of any item depends on its demand and supply. At present the demand for a vegetable is high and if its supply is low then the price of that vegetable is going to go up.
Similarly, the higher the demand for Bitcoin in the market and the higher the transaction, the higher the price of Bitcoin.
Let me tell you that the supply of bitcoin is limited, only 21 million bitcoins will be mined and 18 million bitcoins have been mined to date.
How many big companies are interested in this bitcoin and because of this there is a hype in the public and because of this people start buying bitcoin, so there is an increase in demand and as the demand increases, so does the price. Even less so.
Should I invest in Bitcoin?
If you want to invest in anything, there is a risk in it and if Bitcoin is not in anyone's control, then you should invest in it with a lot of thought.
If you want to invest in the stock market, the investor reads a lot of books, understands the market, even takes advice, you have to look at the entire market in Bitcoin and you should not invest in it.
If you are a student and you have to make money fast then this bitcoin is not for you because if you have to make money now then you have to learn new skills, increase your knowledge and then you can make money.
You should not fall into such risky thing without any experience as it can cause you more financial loss
How to earn bitcoin?
There are 3 ways to earn Bitcoin that I am telling you below.
You can invest in Bitcoin and buy it.
You can sell something and take Bitcoin as a currency instead.
You can do bitcoin mining which requires a very heavy processor and computer system and also requires a lot of electric power to run such a heavy system which may have to run for 24 hours.
સતત ત્રણ મહિના શાળામાં શિક્ષક & બાળકો વધુ ગેરહાજરી બાબત
The problem with this solution is that the fate of the entire money system depends on the company running the mint, with every transaction having to go through them, just like a bank. For More read this Source doc pdf in English.
Friends, Bitcoin also has a unit called Satoshi. Just as 1 rupee has 100 paise, so 1 bitcoin has 10 crore satoshi.
BITCOIN FULL DETAILS IN GUJARATI બીટ કોઈન વિશે ગજરાતી માં માહિતી વાંચવા અહી ક્લિક કરો
OFFICIAL SITE FOR BITCOIN:- https://bitcoin.org/en/
Introduction
Commerce on the Internet has come to rely almost exclusively on financial institutions serving astrusted third parties to process electronic payments. While the system works well enough formost transactions, it still suffers from the inherent weaknesses of the trust based model.Completely non-reversible transactions are not really possible, since financial institutions cannotavoid mediating disputes. The cost of mediation increases transaction costs, limiting theminimum practical transaction size and cutting off the possibility for small casual transactions,and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible services. With the possibility of reversal, the need for trust spreads. Merchants mustbe wary of their customers, hassling them for more information than they would otherwise need.A certain percentage of fraud is accepted as unavoidable.
These costs and payment uncertaintiescan be avoided in person by using physical currency, but no mechanism exists to make paymentsover a communications channel without a trusted party.What is needed is an electronic payment system based on cryptographic proof instead of trust,allowing any two willing parties to transact directly with each other without the need for a trustedthird party. Transactions that are computationally impractical to reverse would protect sellersfrom fraud, and routine escrow mechanisms could easily be implemented to protect buyers. Inthis paper, we propose a solution to the double-spending problem using a peer-to-peer distributedtimestamp server to generate computational proof of the chronological order of transactions.
Thesystem is secure as long as honest nodes collectively control more CPU power than anycooperating group of attacker nodes.
Transactions
We define an electronic coin as a chain of digital signatures. Each owner transfers the coin to thenext by digitally signing a hash of the previous transaction and the public key of the next ownerand adding these to the end of the coin. A payee can verify the signatures to verify the chain of
The problem of course is the payee can't verify that one of the owners did not double-spendthe coin. A common solution is to introduce a trusted central authority, or mint, that checks everytransaction for double spending. After each transaction, the coin must be returned to the mint toissue a new coin, and only coins issued directly from the mint are trusted not to be double-spent.
The problem with this solution is that the fate of the entire money system depends on thecompany running the mint, with every transaction having to go through them, just like a bank.We need a way for the payee to know that the previous owners did not sign any earliertransactions. For our purposes, the earliest transaction is the one that counts, so we don't careabout later attempts to double-spend. The only way to confirm the absence of a transaction is tobe aware of all transactions. In the mint based model, the mint was aware of all transactions anddecided which arrived first. To accomplish this without a trusted party, transactions must bepublicly announced [1], and we need a system for participants to agree on a single history of theorder in which they were received. The payee needs proof that at the time of each transaction, themajority of nodes agreed it was the first received.
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તા.૦૧.૦૪.૨૦૨૧ થી અત્યાર સુધી એસ.એમ.સી. એકાઉન્ટ માં આવેલ ગ્રાન્ટની માહિતી.
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...............
Timestamp Server
The solution we propose begins with a timestamp server. A timestamp server works by taking a hash of a block of items to be timestamped and widely publishing the hash, such as in anewspaper or Usenet post [2-5]. The timestamp proves that the data must have existed at thetime, obviously, in order to get into the hash. Each timestamp includes the previous timestamp inits hash, forming a chain, with each additional timestamp reinforcing the ones before it.
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