We get confused when we hear about Bitcoin, cryptocurrency,
decentralized currency, blockchain technology, mining, and protocol. How do you
tell a skeptical parent or child about Bitcoin or cryptocurrency? About
internet money, can anyone hack it?
Is there a way? Is there a type? a group? In a way they
contain
You have a book in your hand, bought from a library. You can
give it to the next person. Now the book is in the hands of the person who
bought it. You have nothing. This is how we usually give anything. This event
can be digitized. What if it's a digital book or a PDF?. Can a person give it
to himself ?. No, because you can send a digital book to as many people as you
want on WhatsApp, Mail, or Messenger. You can download as many copies as you
want.
Yes, the normal digital transmission has such a problem. Is
there any doubt that computer-generated money will not have the same problem ?.
Reasonable doubt, computer experts call this dual-cost problem a multiple cost
overrun. The next suspicion is that if someone inserts fake copies of a book in
the middle of the library shelf, it will not pool. Can anyone make bitcoin in
the counterfeit form of money?
Why not keep a book in our library to record the delivery of
a book? Likewise, if you give a key that only the donor can open the shelf and
pick up the book, yes, books and ledgers can be seen by everyone in the library
through the library window. Likewise, there is a ledger to track the arrival of
Bitcoin.
So with the ledger in our hand, can our pen write anything
in the ledger, as well as if someone makes changes to this ledger? If a copy of
this ledger is made available to everyone in real-time, book distribution will
be easier. Find out who owns the book now and to whom it was delivered.
Information is stored on every computer that transfers money, and information
is recorded each time a transfer takes place. Cryptography or secret codes are
the basis of this 'no' currency. Each code contains the transmitted
information. All transactions on a Bitcoin exchange are publicly registered on
a computer network.
Buyers and sellers generally see only one ID. Everyone knows
who owns which coin or book. It’s just that the person will have a mask. Anyone
can see the information about the coin. No owner information is available. This
is technically called a blockchain. With each new transaction, the chain can
determine which ID Bitcoin belongs to. Blockchains in ledgers help identify
Bitcoin as genuine, not owned by anyone else.
The creator is a
mystery!
It is amazing to
know who made these rules. It was formed on November 1, 2008 by an unknown
person or group called Satoshi Nakamoto. He presented it to the world and
disappeared without revealing his hometown. This imaginary currency has taken
over the world.
Ideal money is
worth it!
Bitcoin is the
book in the example we mentioned. Library Bitcoin Network, also known as Akka
Book and Book Blockchain. The book is called Bitcoin Mining. How is ideological
money valued?
Haven’t people
used oysters and prawn shells for money before? Similarly, if people think
there is a price, experts say there is a price. In the past, the gold nation
kept the equivalent value of the notes it gave us. But today the word of the
Reserve Bank governor is the price of money.
Likewise, gold is
as special as any other metal. Bitcoin can be expensive because it takes effort
to get it even if it is needed.
All of these
systems are not controlled by one person, they are open source, and many people
in the country can test, edit and secure it. The example is not very accurate,
but if you mistype someone on our Wikipedia, it will not be corrected.
If you have a lot
of copies of books, wouldn't that make you want to read them? They do not cost
much ... but if there is a fixed number, it will be crowded with people who
want to read it. This also applies to Bitcoin. Only a limited number can be
produced in the world. 210 lakh coins only.
Bitcoin
transactions do not have the same international restrictions as other
currencies. Anyone can transact anywhere. The entire coin would have been mined
by 2140. A maximum of 21 million bitcoins can be mined.
English Summary: Bitcoin, Cryptocurrency: Everything is an
invention of the unknown
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