How is Bitcoin made?
The regulator of all conventional currencies is the government of a country and the central bank. The central bank can create new currencies considering the country's economy and some other factors. Can print new 'notes' directly in Bengali. On the other hand, cryptocurrency is created completely differently. Here comes the new currency or bitcoin through a competition to solve a cryptographic puzzle every 10 minutes. Simply put, just keep a cool head here. For those who know about encryption, SHA256 encryption should be familiar. For those who are not familiar, all you need to know is that if any data is encrypted in SHA256, then a hash is available for that data. Now if anything very little changes from this data, a different hash will be found. In other words, if encrypted in this way, the hash for a specific data will always be the same and will be the same on everyone's computer. The above hashtag has 5 zeros at the beginning. This is intentional and this is the cryptographic puzzle I mentioned earlier. Confused? There are countless transactions going on in the Bitcoin blockchain around the world at the moment. About 10 minutes after the addition of a new block to the blockchain, pending transaction data is stored on the computers of all the miners in the bitcoin system. What is minor again? Let's assume that minor means we are the ones who are sitting with the computer to solve the puzzle. Now our target for the minors is to find the hash of the pattern we have at the moment, combine the hash of the previous block with another random number (here it is called Nonce = Number Used Once). Why. 5 Zero Why? This is called difficulty level, which means that the number of zeros at the beginning indicates how difficult it is to solve the puzzle. This process cannot be won by any special algorithm or intelligence. Absolutely in Bengali method, one by one, you have to apply Nonce to check if the hash of that pattern has been found. In this competition, the minor who can find this hash first is the champion. Finding a hash means creating a new block for a new blockchain. Not nice? The winner Minor currently gets 12.5 bitcoins as a prize to become the champion. So the rest? The rest of the minors who didn't win will also get their hash in a very short time. Their job is to verify that the result of the winning minor is correct. Thus, after verifying 51.8% minor, the new block is added to the blockchain as a tested block. Below is a block that was added a little earlier. This is how a new currency or bitcoin is created in a system with equal facilities for all and with the participation of all. Anyone who wants to buy bitcoin can buy it directly from miners or from a site that has bitcoin trading.
What is a blockchain?
Blockchain is the process of storing the encrypted information of all the financial or asset transactions that are being transacted around the world in a single period of time. In this system, a distributed and decentralized laser is completely immutable with that block. It is actually a little difficult to understand in one sentence. That's why I try to say a little broken. The blockchain I'm talking about in my writing is the bitcoin blockchain. There are so many types it's hard to say.
Inside each block is all the data on the number of transactions in the world in the last 10 minutes or so. This data is open but encrypted which means everyone can see but what is needed is private to read. What people will see is the amount of transactions. It is not possible to know in this way whose money has gone to whom. The following picture shows how to view a transaction.
Every block in the blockchain is completely immutable. Once a block is added to a chain, it is impossible to change it.
The blocks sit side by side in the order of their creation. Each block knows which block is before it. Thus one block is connected to another.
Blockchain is a distributed and decentralized system, meaning it has carbon copies on thousands of servers around the world. So even if one or a hundred servers or computers crash, nothing will happen to the blockchain.
Cryptocurrency
Cryptocurrency, like our conventional currency, is a type of currency. This cryptocurrency is used for transactions through blockchain. There are many such currencies, such as Bitcoin, BitCash, Monero, Lightcoin, etc. Bitcoin is currently the most well-known and popular cryptocurrency. The price of this virtual currency seems to have gained rocket speed. In one year, the price of each bitcoin has increased almost 16 times from one thousand dollars. In one month, the price of each bitcoin has increased several times up to 18 thousand dollars. However, after a short time, it turned into a tender. It went down to 11 thousand dollars. Within a week, it turned around again and on January 5, it was 18 thousand dollars.
How is Bitcoin made?
The regulator of all conventional currencies is the government of a country and the central bank. The central bank can create new currencies considering the country's economy and some other factors. Can print new 'notes' directly in Bengali. On the other hand, cryptocurrency is created completely differently. Here comes the new currency or bitcoin through a competition to solve a cryptographic puzzle every 10 minutes. Simply put, just keep a cool head here. For those who know about encryption, SHA256 encryption should be familiar. For those who are not familiar, all you need to know is that if any data is encrypted in SHA256, then a hash is available for that data. Now if anything very little changes from this data, a different hash will be found. In other words, if encrypted in this way, the hash for a specific data will always be the same and will be the same on everyone's computer. The above hashtag has 5 zeros at the beginning. This is intentional and this is the cryptographic puzzle I mentioned earlier. Confused? There are countless transactions going on in the Bitcoin blockchain around the world at the moment. About 10 minutes after the addition of a new block to the blockchain, pending transaction data is stored on the computers of all the miners in the bitcoin system. What is minor again? Let's assume that minor means we are the ones who are sitting with the computer to solve the puzzle. Now our target for the minors is to find the hash of the pattern we have at the moment, combine the hash of the previous block with another random number (here it is called Nonce = Number Used Once). Why. 5 Zero Why? This is called difficulty level, which means that the number of zeros at the beginning indicates how difficult it is to solve the puzzle. This process cannot be won by any special algorithm or intelligence. Absolutely in Bengali method, one by one, you have to apply Nonce to check if the hash of that pattern has been found. In this competition, the minor who can find this hash first is the champion. Finding a hash means creating a new block for a new blockchain. Not nice? The winner Minor currently gets 12.5 bitcoins as a prize to become the champion. So the rest? The rest of the minors who didn't win will also get their hash in a very short time. Their job is to verify that the result of the winning minor is correct. Thus, after verifying 51.8% minor, the new block is added to the blockchain as a tested block. Below is a block that was added a little earlier. This is how a new currency or bitcoin is created in a system with equal facilities for all and with the participation of all. Anyone who wants to buy bitcoin can buy it directly from miners or from a site that has bitcoin trading.