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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How does bitcoin work or in other words, how can we use it to buy and sell?
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How can a person obtain or acquire bitcoin? +There are some ways to acquire a bitcoin and they are:
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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?
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What factors influence the Bitcoin price ?
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Lastly, Why is a virtual currency like Bitcoin generating so much interest, and why do people want it?
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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.