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Hope you all are doing well and good and enjoying the best days of your life. This is me @shahid2030 from Pakistan and you are here reading my post. You all are welcome here from the core of my heart.
This is my participation in a contest S4B Crypto Contest - Season 01 organized in Steem4Bloggers by @waqarahmadshah.
What is Bitcoin and how is it different from regular money? |
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Bitcoin is a digital currency base on Blockchain system and govern by a decentralized system. It is completely different from that of regular or Fiat currencies, which are centralized and governed by the central or State Bank of a country. Bitcoin was created by an unknown person or maybe group of people using the pseudonym Satoshi Nakamoto back in 2008. You will be shocked that still that person it's found who have created it.
Let's Highlights some major difference between Bitcoin and regular/Fiat currencies
| Bitcoin | Fiat/Regular Currencies |
|---|---|
| Bitcoin is a digital currency that is operated on decentralized system called Blockchain. | Regular Currencies are govern by the state bank. |
| We generate new Bitcoin currencies through a special process called Mining. | It is made through a manual process, by government machines. |
| We have only limited supply of it (approximately 21 millions) | Fiat are in trillions ( according to the need of the country). |
| We send it through a specific process called transaction. Transactions with Bitcoin are recorded on the blockchain. | Regular Currencies have record of transaction with Banks |
| We keep Bitcoin in a digital wallet. | Fiat can be kept in banks, own physical wallets and other sources. |
| Bitcoin doesn't have any physical existence. | Regular Currencies do have physical existence. |
What is blockchain and how does it relate to Bitcoin? |
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Blockchain is a decentralized system that is made by the miners or validators competing and solving a complex mathematical puzzle associated with the block. A solution is found for it and then verified by other nodes, the block is added to the blockchain. This is how a Blockchain is created.
Bitcoin is a digital currency running on that Blockchain technology. It is said to be the first ever application of Blockchain technology, made by someone anonymous people. Bitcoin use this Blockchain for it's transaction and also it's miming process. These Blockchain keep all the transactions data of BTC. So we can simply say that Bitcoin and Blockchain are two interlinked things.
How can you get Bitcoin, and how do you keep it safe? |
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We can get bitcoins using two methods. First is Buying through different crypto exchanges and second one is through miming process. Let me explain these two methods one by one.
Buying through different crypto exchanges
We can buy Bitcoin from crypto exchanges. Simply we have to make our account in an exchange, just pay USDT there and buy it. You can buy any amount of BTC, it could be 0.1Btc upTo hundred and thousands BTCs. Some famous crypto exchanges are: Binance, Kucoin, Coinbase, OKX, HTX and many other.
Through miming process.
Mining isn't a simple process is it seems. You have to buy graphics cards for it and it needs 24/7 electricity. It's a too much expensive process. Here the miners or validators complete and solve a complex mathematical puzzle associated with the block. They adopt a form of block and these blocks are then associated and verified by the nodes. This is how blocks are added to the Blockchain. This is how a new currency is added to the system.
This is all about my blog for today, hope you guys have enjoyed reading it. See you soon with a new amazing and interesting topic, till take care.
| I would like to invite:@solaymann @waterjoe , @willmer1988, @msharif to participate in this Contest |
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Your presence here means alot
Thanks for being here
Regard shahid2030
Thank you, friend!
I'm @steem.history, who is steem witness.
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Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
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Please refrain from using my thumbnail image in your post. You can design your own or use images from copyright-free sources.
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Okay okay, sorry my friend, it will not repeat again. Thank you for your guidance.
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No problem. By the way, it was mentioned in rule number five of the contest. Now you can simply edit your post and replace my thumbnail with your own. 🙂
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Okay dear will change now. I have mentioned the source too, but still sorry dear.
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Your explanation of Bitcoin and blockchain is clear and concise making it accessible to readers who may be new to these concepts. The comparison between Bitcoin and regular currencies helps highlight the unique features of cryptocurrency. wishing you the best of luck in the contest.
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Thank you so much for your beautiful comment. Keep blessing my friend.
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