Bitcoin was introduced in 2009 by the Japanese anonymous developer using the name Satoshi Nakamoto.Which became the world’s first decentralized and well known cryptocurrency. Which has become an inspiration to many cryptocurrency developers? It mainly uses block chain for transaction in which stores the value like gold and silver. In which each Bitcoin is made up of hundred million satoshis which is the smallest unit of Bitcoin.
We can buy bitcoin with credit card with 1US dollar. When we create ledger we will have fifty Bitcoin for circulation for the price of dollar zero. It will enter every ten minutes after we create a ledger.
- On 2011 February it reached parity with us dollar for the first time. This encouraged many investors to invest in it. Which continuedtill four months and it rise to the price of dollar 30 trade bitcoin in nigeria.
- By 2013 the cryptocurrency had again reach above dollar thousand, but on that year itself they faced a great tragedy that the China has banned the Bitcoin which took four years to return above dollar thousand.
- On 2017 the value began to fall suddenly and it again reached high of dollar 19,850.on 2018 it reached the top which is also known as “crypto winter” which lasted a year but which doesn’t last till 2020 which again fall and it again went high and reached of dollar 64799.
- Bitcoin works as an email of the financial world. These currencies don’t exist in the physical form and it is transacted between the sender and receiver without the banking details and these technologies is known as block chain.
- Each transaction is recorded on public as “blockchain “. Which anyone can download and maintain it.
- Transaction is sent directly between sender and receiver by inputting the public key information which is attached to the digital wallet.
- Those who hold their Bitcoin have complete control over it which cannot be accessed by anyone.
- Even though it is an online currency it has a fixed supply of 21million which cannot be created or destroyed.
- To verify the transaction there is small fees charged on it which may contain some add. Each process of Bitcoin transaction which is permanently marked and it is called “miner”. These process need a specialized computer application called “application -specific integrated circuit “(ASIC) chips to unlock next chain. It uses a system called “cryptographic hash”. These take anything and turn it into fixed length code called hasings and new blocks are called target hashing.
Where to buy Bitcoin?
There are two options available- the traditional broker and a crypto exchange platform.Traditional broker charge additional fee, instead going for an exchange platform help you learn about crypto operation itself. Only a little bit of information is required in latter case. These platforms include online website or application making the purchase and selling of crypto super easy.
You need to choose a trusted and secure platform for bit-coin transaction, since you are going to put your money there. One of the best ways to make sure the platform is trust worthy is to check reviews. Go for easy interface so that your only focus while trading is on crypto graph not on understanding complicated interface.