Bitcoin - Everything you should know about Bitcoin

Bitcoin, the virtual currency!!! Everyone is familiar with word Bitcoin. Bitcoin crossed its value over that limit. Virtual currency is far worthy than the real currency in now a day, 1 Bitcoin worth 16896.44 US dollar at this time. Why Bitcoin's value is increasing rapidly? What makes Bitcoin special? Who created Bitcoin? Should I buy Bitcoin or not? Why hackers use Bitcoin? Let's get some knowledge.



What is Bitcoin?
Before moving ahead let's know something about Bitcoin. Bitcoin is a virtual currency. There is no control of any bank and government on it, it works independently. Bitcoin uses unbreakable encryption techniques, that's why it cannot be hacked and it is called cryptocurrency. A Bitcoin is made up of its small units called satoshi, 100,000,000 Satoshi comes in one Bitcoin. This is a nice thing about Bitcoin, it's not necessary to own exactly one(or integer) Bitcoin, it can be 0.005, 0.1 BTC also. BTC is the short name of Bitcoin.

Who created Bitcoin?
Bitcoin is created by Satoshi Nakamoto, but no one knows that who is Satoshi Nakamoto?, what is Satoshi Nakamoto? Is it a group or person?. So, it's not fully known. He/they created the system in such a way that only 21 million Bitcoins can ever exist. According to news websites, Satoshi Nakamoto owns 1 million of Bitcoins from those 21 million which I have mentioned above, means he is a billionaire now. Wonderful and brilliant mind.

How Bitcoins are generated?
Bitcoins are generated by the very difficult, complex and decentralized process. In the process, transactions are verified and after that you get Bitcoin, this process is called "Mining". Mining uses powerful computers and needs mining software, even sperate devices are made to mine Bitcoins, you can buy them on Amazon. If you are buying Bitcoin then it is not necessary to mine Bitcoin on your own computer, many people and companies are there to do it and they are called miners. Miners get a reward to mine a Bitcoin or little part of Bitcoin, you can become a Bitcoin miner also. Mining requires too much electricity, time and powerful device, this is one of the bad things about Bitcoin. As I told you above only 21 million Bitcoins can be mined and the interesting thing is that 80% of Bitcoins are mined already.

What makes Bitcoin special?
Everywhere on Facebook and news websites we daily read about Bitcoins? Why people are caring so much about Bitcoin? What is special in it?

  • Bitcoin doesn't come into government so they cannot put "TAX" on it. Yes, you read true Bitcoin is tax-free.
  • Value of Bitcoin is increasing rapidly, so people think it's good to invest in Bitcoin.
  • Bitcoin is virtual currency so people can hide it from the government and spend it anywhere, especially in illegal activities on the dark web.
  • Bitcoin uses a technology called Blockchain so it cannot be hacked.

How people buy Bitcoin?
To buy Bitcoin you have to register your address by paying the current price of  Bitcoins, there are so many apps and websites are available for it. If you want to sell your Bitcoins then you can sell it also. LocalBitcoin is a nice place to buy Bitcoins, it's convenient for users.

Bitcoin: "The Currency Of Hackers"
Do you know about WannaCry ransomware created by hackers? They attacked so many devices, mostly on Windows systems. They infected computers all over the world. If your PC got infected by ransomware then your PC will be locked(data will be encrypted). If you pay them money then and only then they will unlock your device or else they will destroy all of your data. In WannaCry case they were taking payments by Bitcoin. why? Because Bitcoin is a virtual currency and it can be transferred using the virtual address, so no one can track it and even it is independent of government also. This is the biggest reason why hackers use Bitcoin.
   Recently, NiceHash named company was hacked and hackers stole $70 million worth of Bitcoin. So, Bitcoins cannot be hacked but it can be stolen.

Should you buy Bitcoin?
By reading the news and watching every day around, many people think that they should try at least one time in this, but they are afraid of loss and it's obvious. You will spend 16896.44 US dollar for 1 Bitcoin and what if it the value of Bitcoin get decreased, you should have enough knowledge to handle it. Countries like China, Bangladesh, Indonesia, they banned Bitcoin and maybe it can be banned in your country also, So beware about it. Many people became a billionaire in this business because they invested early. I think you should not invest for a long time and if you want to invest for short time then you should have excellent knowledge about investment otherwise you cannot get succeed in this business.

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