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Bitcoin - Breaking the Bucks!

Tags :
#what is node
#features of node
#what is a bitcoin
#what is peer to peer
#learn bitcoin features
#digital signature for bitcoin technology
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Rasheem James NorthingtonWriter : Rasheem James Northington Monazza AarfaVoice : Monazza Aarfa United States 130 Listens

Introduction

Did we ever predict that the cryptocurrency would become so popular one day that the entire globe would be obsessed with it?

You must be aware that bit coin is the cryptocurrency that is currently sweeping the crypto world. Don't you think we, as individuals, should be aware of it? What precisely is it, and why is it causing such a stir in the market?

Hello and Welcome!

You are listening DueClixVoice.FM and I am your host Monazza Aarfa and today we are going to talk about Bitcoin and its unique and dynamic features.

To those who are unfamiliar with bit-coin and their mind is wandering right now thinking what that term means. Well, It is a virtual currency that was launched in 2009 and relies on peer-to-peer technology to enable fast payments.

Now, in order to delve deeper into the topic and comprehend the various terminologies associated with this virtual currency, we have invited Rasheem James Northington, who is the spokesperson of InfoTaxSquare.com who will enlighten us with the topic.

Thank you Rasheem Northington for joining us today, and before we get started with today’s program would you like to say a few words about your organization and the work you've been doing?

Yes, surely! First and foremost, I'd like to express my gratitude for inviting me to today's program. Monazza, InfoTaxSquare.com provides services across the United States to register business of different types.

Frequently Asked Questions

What exactly is a Bitcoin and when did it come into existence ?
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Bitcoin is a digital or virtual currency that was introduced in January 2009. It is based on ideas presented in a white paper by Satoshi Nakamoto, a mysterious and pseudonyms figure. The identity of the individual or people behind the technology is still unknown.

Keeping activities anonymous is one the features of the crypto-currency though we know an activity has been occurring but we do not know apparently who has done it. The idea behind the technology “Eliminate a Meddleman” to reduce transferring fees.

Let me add here an old and latest trend about buying and selling stocks. In the old days, we used to have agents who shared the current trend and now a days, a buyer does not need an agent rather a buyer can monitor 24/7 trading activities online and make up mind to buy and sell accoriding to the current market trend.

It is a decentralized digital currency that can be sent from person A to person B on the peer-to-peer network eliminating the role of a middleman.

So, It has no central bank or single administrator in between and unlike fiat currency, bitcoin is created, distributed, traded, and stored using a blockchain, a decentralized ledger system. It is an extremely popular digital currency and it sparked the creation of hundreds of alternative cryptocurrencies known as Altcoins. In short, I would say currently it is the only digital currency,

which consumes the most power and generates a fastest guess number for block chain. But, we will go into detail in our future programs why it is unique compared to other cryptocurrencies.

How does bitcoin work or in other words, how can we use it to buy and sell?
Bitcoin functionality +

If we talk from a user’s perspective, then Bitcoin is simply a mobile app or computer program that acts as a personal Bitcoin wallet and allows individuals to send and receive bitcoins.

But there's a whole procedure involved if we talk about what happens behind the scenes. As we know that It relies on block-chain technology to function. So, this ledger provides a record of every transaction ever made, allowing a user to check the accuracy of each transaction. Digital signatures corresponding to the sending addresses ensure the legitimacy of each transaction, giving all users complete control over transferring bitcoins from their own Bitcoin addresses.

How can a person obtain or acquire bitcoin? +

There are some ways to acquire a bitcoin and they are:

  • As a means of exchange for products or services.
  • Through a Bitcoin exchange – A platform which allows customers to buy and sell bitcoins and exchange fiat money into a cryptocurrency. There are a plethora of various exchange platforms where one can find BTC buyers and sellers. Some examples of exchanges are : Binance, Coin base and Bit stamp.
  • You can trade bitcoins with someone in your area by paying them in cash. This option involves hand to hand transfer of money. But, there is an ownership transfer process is involved.
  • Also, Competitive mining is a way to earn bitcoins.

How is a Bitcoin created? +

A competitive and decentralized procedure known as "mining" which is used to create new bitcoins. Individuals are rewarded by the network for their services in this process. Bitcoin miners use specialized hardware and devices to process transactions and secure the network while also gathering new bitcoins. Anyone with mining, hardware and access to the Internet can join the mining community.The ‘miners’ solve a mathematical puzzle and compete within their community to create a code or key. A miner can either do a solo or mining in a group. Miner is a person who creates a unique key for a block, whereas as mining is the process of creating a key for the blockchains.

What is peer-to-peer electronic cash system and how does it is used in bitcoin technology? +

A peer-to-peer electronic cash system is a process which allows digital payments to be transmitted directly from one party to another without having to go through a banking institution.It is one of the most important aspects of the cryptocurrency sector and refers to the use of a distributed network to exchange cryptocurrency or digital assets. Bitcoin is one of the first digital currencies to use this technology to make payments fast and easier.

How does a peer to peer model works ? +

A dispersed network of computers, keeps a peer-to-peer model running. They're something called Nodes in the Bit-Coin network. They can be imagined as ‘guardians’, who constantly monitoring the Bitcoin block chain to distinguish legitimate Bitcoin transactions from non-legitimate ones.

So, node stores a copy of the files and acts as both a server and a client, there is no need for a server or a central administrator. As a result, any node can send and receive files from other nodes. Instead of using a central server, these nodes use their own hard drives to store data.

P2P networks are faster and more efficient since each node has the same capabilities for storing, transmitting, and receiving files. A P2P network, unlike traditional designs with a single point of failure, has a distributed topology that makes it highly resistant to cyber attacks.

What is a digital signature and what role does it play? +

A digital signature is one of the most important aspect of Bitcoin protocol. It is a cryptographic tool for ensuring the integrity and validity of digital data. It may be compared to a digital counterpart of traditional handwritten signatures, but with more intricacy and security.

A digital signature can be thought of as a code that is linked to a communication or document. The code functions as verification that the message hasn't been tampered with on its path from sender to receiver once it's been generated.

You can use a digital signature to prove that you know the private key associated with a public key without having to expose the private key itself. So, if someone ever asks if you have the private key for a given public key or address, you may provide a digital signature as proof.

We often hear that Bitcoin has the ability to solve double spending issue. Now, what is that ? Is it a flaw in the cryptocurrency scheme? +

The possibility of a digital currency being spent twice is known as double-spending. It is a potential problem specific to digital currency. By creating a confirmation mechanism and maintaining a universal ledger, Bitcoin solves the problem of double spending.

Is Bitcoin secured from the attackers or any threat ? If yes then why? And, why most people hesitate to use crypto-currency rather than conventional currency?
Is it safe and secure? +

Yes, it is. The block chain technology that underpins the bitcoin network makes it extremely tough to hack. Data is not saved on a central server in block chain technology, but rather across a vast network of computers that are continually checking and validating that the records are correct. Additionally, it is not saved in one location rather it is saved in many decentralized locations.

Hacking will become much more difficult as a hacker will have to break into a large number of systems to acquire information. So far since it is launched no case has been reported for a successful hacking. Hesitation and a fear is simply a lack of awareness about bitcoin and alternative coins technologically though there is a good chance that a cryptocurrency may

become the future official currency like a few countries are already in the process to associate bitcoin with their local currency.

What factors influence the Bitcoin price ?
Price determining parameter +

Simply put, Demand and supply dictate the price of Bitcoin. When demand rises, so does the price and when demand falls, price also falls.

Because there are a fixed number of bitcoins in circulation and new bitcoins are issued at a predictable and declining rate, demand must keep pace with inflation in order to maintain price stability.

Lastly, Why is a virtual currency like Bitcoin generating so much interest, and why do people want it?
What makes Bitcoin valuable ? +

People have been drawn to this system because of a variety of features and they are : 

  • It has ‘value’ and is useful as a form of money.
  • The quick digital transaction is another feature as Assets can be transferred faster over the bitcoin network as compared to a  traditional fiat currencies.
  • The idea that Bitcoin is not controlled by the government or banks appeals to many people. As it also saves customers from transaction fee.
  • People can also spend Bitcoins in a relatively anonymous manner.
  • It is less volatile than a conventional currency.
  • Can be used across the globe without the need for conversion.

Conclusion

That was quite informative. Thank you Mr. Northington for taking out your valuable time to enlighten us with what Bitcoin is and sharing some significant details about it. Truly, This is a topic on which we should all become more aware. As the technology of Cryptocurrency has created a paradigm shift in the way we look at money. The way we look at potentially buying and spending it.

That was all for today. This is your host Monazza Aarfa signing off. Till then keep listening and supporting DueClixVoiceFM.

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