what is Blockchain

What is blockchain?

Blockchain is like an open distributed ledger which records the transaction between two parties efficiently and in a verifiable and permanent way. Blockchain was first conceptualize by anonymous person or group known as Satoshi Nakamoto. Invention of blockchain was totally inspired by Bitcoin. It was implemented in 2009 by  Satoshi Nakamoto.  as a core component Bitcoin where it serve as the public ledger for all transactions.

It's totally decentralized means it eliminates the risk that come with data being held centrally.
In the system of Bitcoin when two distinct sets try to govern the system then blockchain splits into two separate chains which is commonly known as Hard forks.
Bitcoin blockchain is protected by the massive group mining effort.

Interesting Facts : 

(1) IBM partnered with ASCAP and PRS for music to adopt blockchain Technology in music industry.

(2) Visa payment systems master Card,  union pay and Swift are planning to use blockchain Technology.

(3) World economic forum has predicted that 10% of global GDP would be stored on blockchain technology by the year 2025.

(4) The Government of India is fighting land fraud which was executed with the help of blockchain .

(5) bitcoin ATM has been installed in some offices in Switzerland.

(6)  Many banks are researching on blockchain technology to use in financial services to reduce cost and increase efficiency.

How it works : 

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Author : Satyam kirti

what is bitcoin

Bitcoin: what to know before trading

In a simple word if a normal person need  to understand about the Bitcoin then we can explain that It's a digital currency and totally different from real currency in other words we can’t touch neither feel this currency.
When a person need to buy anything, he uses money to get the thing and money can be transferred to the Seller via cash or through credit card or debit card . Likewise bitcoin gives a facility to a payment system worldwide.

It is the first decentralized currency introduced ever on the planet Earth. The system works without a central repository or single administrator. While cash is deposited in a bank and being regulated by the central bank of the particular country. The bitcoin is created and stored electronically.

To create cash government need to deposit a value equal to the money in gold with World Bank but in the case of Bitcoin it is created as a reward for a process known as mining.

They can be exchanged for other currencies products and services. Approx 1 lakh merchants and vendors have accepted the payment through Bitcoin till 2015.

The denomination of Bitcoin: -

·         milli Bitcoin   = (1/1000) and

·         santoshi          = (1/100million) 

10 Bit facts:-

1. Bitcoin has volatility 7 times greater than gold 8 times greater than s &p 500, and 18 times greater than US dollar

2. Creation of Bitcoins required vast amount of energy, this activity has consumed  as much electric 

power as entire countries the size of Ireland denmark or Morocco.

3. Since the  traceability of bitcoin holder is very difficult, demand in black market has increased enormously.

4. Song economist and journalist have voiced concerns that Bitcoin is a ponzi scheme.

5. Several light hearted songs celebrating Bitcoin have been released so far.

6. World's first Bitcoin transaction was 10 Bitcoins been received by Hal Finney from Satoshi Nakamoto.

7. Value of first Bitcoin that is  10000 BTC was equal to  two Papa John's Pizza.

8. Creator of Bitcoin santoshi nakamoto disappeared after mining 1 million Bitcoins .

9. No one has came to know about who was satoshi nakamoto, it's a mystery till date .

10. Currently Gavin anderson is the lead developer of bitcoin at the Bitcoin Foundation.

       How's the transaction done:-

1. ·         Create a wallet at block chain called Bitcoin wallet address (bitcoin is stored here)
2. ·         Sender Enter the receiving  bitcoin address of the receiver
3. ·         Sender Type the desired amount
4. ·         Sender sends the bitcoin
5. ·         Receiver receive the bitcoin in his block chain address

    

   Author: Satyam kirti