Crypto’s are decentralized cryptocurrencies. In the world, some communities hate centralized methods. Yes, they hate single administrator. In the centralized method, your exchange funds are monitored by central banks or single administrators. But in the decentralized method, there are no central banks and no single administrator. They hate these approaches. This cryptocurrency works in a particular domain and there is no third party involved. In these techno ages, we are threatened by hacks and server downs. But these cryptocurrency members proudly said that there are no hacking and no server downtime in our technology. If want to know about cryptocurrencies, then you browse this website bit-qt.com . Some people and some countries thought that this crypto is the future world. Do you know why? Then the answer is very simple. You are Indian and you want to America. You know that it’s very expensive. Because each country is using different money and that money is of different value. In today, one American dollar is equal to 76 Indian rupees right. They are of different stakes and different standards. But cryptocurrencies like bitcoins gives standard brand value. I mean bitcoins give the same value in India and as well as America too. These bitcoins are inflated day by day but it is global standardize. So only some peoples think that they are futures.
What are bitcoins?
Bitcoins are cryptocurrencies. These bitcoins are computer files. And these files stored in digital wallet apps in smartphones and computers. You can send or sell bitcoins and you can use bitcoins as payments. If you buy any product or company something and if you had bitcoins, then you need not pay local currencies. You can pay bitcoins as payments. A few years back, a famous hacker gave notice that I accept payments only in bitcoins. Then only bitcoins become a debatable topic. Some people using bitcoins for black money into white money. These all transactions noted in a public list called a blockchain.
What is blockchain?
Imagine I gave you one computer with installed software like blockchain. And you run software to make a transaction or monitoring the transaction and these monitoring recorded in the system. This called a block. And again imagine, I gave three hundred systems to three hundred peoples. They are also recording. You are also the same group. I mean all three hundred one peoples are under my team. And it is a giant block. And these blocks are connected by chains. I mean these blocks linked chains. And every block linked with previous blocks.
What about hacking?
If you are changing blocks transaction details, I mean you are overwriting the details hundred rupees into one lakhs. No need worry; these changes won’t affect the system. It’s not possible to overwrite the whole blockchain. So hacking is not a problem here.
What bout mining?
Bitcoins concepts were created by Satoshi Nakamoto and its still mystery. Because no one knows that Santos was a person or institute. It is unknown. Mining is the process of adding transaction details in the public ledger or blockchains. They give algorithm problems to be solved. If anyone solves the problems they give one bitcoins as commission. But you need many CPUs and graphics cards.
Limitation: 21 million bitcoins.
Per day: 12 bitcoins per block.