Essay about Bitcoin

 Bitcoin is a virtual currency that gained a lot of popularity and prosperity when it reached a price of 13 thousand dollars in early 2018. This digital currency was a combination of creativity, overcoming legal barriers and eliminating intermediaries in various financial and banking affairs that made financial transactions possible at the international level. Therefore, in the short time of his emergence, he was able to attract a lot of attention.

After "Bitcoin", many cryptocurrencies were born that had similar features. Cryptocurrencies have great features and capabilities, which is why they have become so popular over the last 10 years or so.

Cryptocurrencies operate in the context of large networks called "blockchains". This network has a large number of users and its data can not be compromised.

"Extensiveness", "large number of users", "lack of possibility of network fraud and fraud" and "lack of network monitor" make it a free and effective environment for communication activities in various fields.

To be more precise, Bitcoin operates in the context of the China Blockchain decentralized network.

Definition of Bitcoin

Bitcoin and other cryptocurrencies are lines of computer passwords that have monetary value. These cryptocurrencies are generated by powerful computers with high power consumption. Cryptocurrencies are also called "digital currencies".

These currencies are a form of digital currency that is created by complex mathematical calculations. You may ask, what does "crypto" mean in the word cryptocurrency and where does it come from? The word is derived from "cryptography".

Cryptography is a process that protects the creation of new coins.

The important thing about digital currencies is the lack of central oversight. Simply put, no government, institution or body oversees these currencies and operates in a completely free, uncensored and unfettered network.

Different governments in different countries still do not know how to react to digital currencies.

Some of them seek to limit its effects by banning it, while others try to better understand it and make the most of it by recognizing its features and capabilities.

A brief journey into the history of bitcoin

Bitcoin

Bitcoin is the first digital currency. No one knows who made it. Of course, this is not new. Because most digital currencies are produced in silence.

It is said that the creator of Bitcoin is a person named "Satoshi Nakomoto". It is not clear whether Satoshi Nakomoto is really an individual or a group of people under that name who have produced "Bitcoin".

After the birth of Ramzarz, there was no news of Satoshi Nakomoto. Some time later, other different cryptocurrencies such as "LightQueen", "Atrium" and. Were introduced to the world.

One of the main advantages of Bitcoin is that it can be stored offline on a secure piece of hardware. This is called "cold storage". Despite the cold storage, the possibility of stealing passwords is reduced to zero.

Cold storage is the opposite of "hot storage". Hot storage is a type of storage in which data is stored on the Internet, resulting in the possibility of theft.