Bitcoin has been very famous and is still famous today among traders and basically most people doing online business. In Fact, many online platforms now have options for bitcoin to be used in transactions and others. So this morning we are going to be taking a closer look at what bitcoin really is, and also show you everything you need to know about it. we will consider the worth and how it works on this post.
What is bitcoin
Like we have your normal money bills, the bitcoin is money but it is in digital form. It was created in January by a man whose true identity is still not clear to us.
Though the name is bitcoin there is no physical coin that is used for the transactions, as everything is completely digitized.
Bitcoin makes use of a decentralized currency that is without a central bank that controls the flow of it. That is why most people that want to make transactions that are difficult to trace use bitcoin. Bitcoin transactions are managed and recorded through a distribution ledger know as blockchain.
Bitcoin is completely autonomous as they are not backed by any government or issued by any bank whatsoever. Bitcoins can be gotten from mining and can easily be converted to other currencies.
What is Bitcoin mining
Bitcoin mining in a layman’s term is simply the process of creating or generating bitcoins. Just like the way we mine coal and other mineral resources. BTC mining is the process whereby transaction records are added to the existing bitcoins public ledgers of all past transactions of the blockchain. that is new ledgers are created and added which are the bitcoins.
The blockchain is the ledger of existing transactions of bitcoins record. The blockchain makes use of nodes for distinguishing between legitimate transactions for the attempt to re-spend coins already spent.
How Bitcoin Works
Like we all know BTC is mined, this is because the independent individuals and companies who own the computing power in the BTC network called miners are motivated by rewards. Bitcoins are stored in a digital wallet which is an app on the smartphone or computer, from there people can send and receive bitcoins. that just the simple way on how it works.
BTC really saw a high rise in price from 2017 however recently the price begin to slowly drop bit by bit. As of now, (BTC) is trading at $9777.76 USD as the market cap of BTC in USD is USD 178,187,585,214 with 18,223,762 BTC circulating currently. However, there are certain predictions by crypto analytics that are seriously suggesting that by the end of 2020 the price will get to $40,000 and above.
Actually I think this is possible as anything can happen and the fact that these analysts have predicted so based on factors governing it. I think it’s going to go that high.
The fact cannot be denied that BTC has come to stay, in fact, many other cryptocurrencies have sprung up with the determination to be as controversial as BTC. Almost all of them are nowhere to be found today and the BTC still remaining on top.