What is Bitcoin & How it Works | Easy Explanation in English

 The word bitcoin which is searched on Google all year round and what is its excuse?  The word swine is widely used.  And what exactly is a bitcoin?  So, without using vague and complicated words, admit it in simple words.  If everyone sees the intensity of the world, why does anyone offer you protection?  Someone lets you keep it when you get some value or in return feel like a bureaucrat even in the office, you take advantage of the salary yourself then you are hired by the company.  Some work bonds are obtained or the company gets involved at any cost. 



 Anyone other than a shopkeeper gets a single hand considering the purchase of goods for a fee.  If you look at the whole world, once you add some value or get to some part of the legislation in return, you will be the only one who will benefit.  Used to get  Then gradually people showed a greater combination of all these things that last longer and cost more, keeping in mind gold but taking gold so skillfully was incomprehensible, later processing became a choice.  Provided that you did not have to carry gold.  .  You can take your gold to the viewing point and as compensation, you will receive a receipt and based on this receipt, you can make a transaction and then since the attached receipt is converted into paper care.  Will go  Then people relied on the management of an approach to represent care.  "I bargain to pay this amount to the holder." Through this agreement, the operators were told that if you go somewhere following this note, you will buy the price later, but if it  As a result, why not more?  Printing notes will solve everyone's problem?  Suppose 1 kg of potatoes are left and all the people who are in trouble to stick to them have 100,000 then the potatoes will be the total for the one whose peak is 100,000.  So the price of potatoes automatically crossed one lakh.  So even though the admin prints the note, it will not be a difficult solution.  It will help without raising prices and the oppression will be eliminated and no one behind the resources will be incompetent.  Then slowly the care of paper began to turn into digital money.  But even in digital care, the biggest challenge was tracking transactions.  If a portion of your account is deducted, it must be transferred to Option's account.  And it shouldn't happen that the cap goes to the option account but child support does not come out of your account. To secure all this, a centralized banking system was traditional.  But along with this central banking system, there are also challenges.  The maintenance you save in the banks is invested by the bank and if there is any loss in this investment, your money will be at risk like a stroke of PMC Bank.  People could not stop taking care of themselves from the bank.  In 2008, Lehman Brothers, a financial institution that was once in deficit, experienced a global recession.  If people started taking out maintenance together today, the bank would not be able to find maintenance for money.  The relationship that appears in your account is just a number that Existence Bank maintains by rotating it.  In an extension, you are passing on the principle of your care to someone else.  There is a lack of transparency.  And because some elected bodies are controlling this allocation, it is wreaking havoc.  And if dispensation is desired, it can take away the real status of your child's care.  As we saw in Demonetization.  In October 2008, a document was published and the person who published the document gave his name as Satoshi Nakamoto.  And who is this Satoshi Nakamoto?  To this day it is not known.  Therefore, this special document suggests how our existing banking system can be converted to bitcoin currency and what is its purpose, this means that our bank will store all transaction archives in a centralized system.  Maintaining through and exposing that the transaction is active, its alternative can also be seen through the bitcoin currency.  Although many cryptocurrencies are taking care of this, here we will confirm the example of bitcoin as soon as you take advantage of a product from Paytm, or make a transaction that gives you some compensation points.  Do, in general, those reward points.  If those points are used outside, they are used inside Paytm without any help.  If this happens and everyone starts helping, the value of these points will increase, as is the case with bitcoin.  Bitcoin is a cryptocurrency, well, at what level it exists, it depends on the right to enter it, how people help it and where they cooperate.  Bitcoin is a digital cryptocurrency, it has no value.  When you buy a bitcoin, it means you get your hands on a specific bitcoin domicile that allows you to transact at a bitcoin alternative home.  Bitcoin is an automated structure that does not require programming or coding.  Its algorithm runs on Autorun, but it requires systems and computers to manage the algorithm and requires thousands of computers on such a large scale and requires a third party to maintain these thousands of computers.  If the third party is getting the operation then every situation will change and the same bank structure will be protected.  All recommendations will involve a third party.  To avoid this, the idea of ​​bitcoin mining came up, in which people run algorithms through their computers and when the transaction is easily obtained, you get bitcoin in return.  As this book system is in the form of distributed and blockchain, the problem of self-starter or hacking of any one organization or organization is solved here.  If bitcoin miners continue to make bitcoins even after that, they will contact and guide the massive material that I have described in the potato example, inflation will rise.  Will  So to avoid this, it has already been confirmed that no more than 21 million bitcoins will be created.  As a bitcoin miner, how many bitcoins will you get as compensation depends on how many people are taking into account the computer and mining the bitcoins?  In 2009, you could make 200 bitcoins in 2 to 3 days, but today if you beat to make a bitcoin, it would cost you more than 150 years.  What is the disadvantage of Bitcoin?  The first is that it is not modern everywhere.  Second, it has nothing to do with giving, because of this excuse there are a lot of illegal things in it.  The third problem is every unstable natural world, its value changes in 30 seconds.  Suppose you have bought a product and you have to give a reward for it, then the price would have changed in that era, now the shopkeeper will point out the problem of how much is in front of him compared to child care.  Part?  In exchange.  Because there is no mechanism to affect it.  Since it is the source of the gate, it may well have some of the mechanisms attached to it.  The most important thing is whether bitcoin is legal in India or not.  Admittedly, the bitcoin is valid in India, but not by handing it out, it means that you do all the trading and shopping for it, all the risk is yours, the official has to consider it.  Is restless  But so far no results have been announced.  On April 5, 2018, the RBI issued an announcement to each of the banks stating that you should not have funds for your facilities for each and every segment of institutions that operate in cryptocurrency.  Yes, that's right you can now become known as a Lord of the Rings.  Refrain from withdrawing your money from the line of cryptocurrencies.  It was challenged in the Supreme Court by the Crypto Currency Exchange and this war control was won by the Crypto Currency Exchange for 2 years.  The RBI then had to surgically remove its guidelines.  You can use bitcoin in two ways, firstly, you can access the transaction but in this, your choice depends on the other person whether he is familiar with bitcoin or not, secondly, your capital  You can get 1 bitcoin for 0.04 paise in 2009.  But today the value of bitcoin is more than Rs.  And dream of becoming.  Wealthy overnight, you will definitely accept the loss and if you invest in it wisely, you can earn from it.  Elon Musk, Mike Tyson, Macy's, Facebook, JPMorgan Chase, and PayPal have all invested in it.  One of them is COINSWITCH KUBER, on which you can trade in 100 cryptocurrencies every second within six months, this app has been signed by 700,000 people, as soon as you sign in, you get 50  Bitcoins feel like a supplement and security is a top priority in this hoard app, after you sign up, your KYC is completed in just a few steps and you need to invest such a huge amount.  There is no need for you to start investing up to 100 and that too without any charge and whenever you can get it back.  You are in pain  On December 1, 2020, their iOS app is launched if you suggest your links to those who have an iPhone considering the amount. As a result you can win iphone11 and waive bitcoin, 50  Millions of gifts, its interface is different.  As well as each light, you order food from swiggy and zomato in the same way you can get a bitcoin. Then in one click I have strengthened the member of this app in Story Crate.

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