Bitcoin basics from blockchain to private and public keys

 bitcoin basics from block chain to private & public keys

 introduction

Bitcoin is a cryptocurrency, virtual currency, fiat currency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The use of the currency began in 2009. When its implementation was released as open-source software.

cryptocurrency = crypto or cryptocurrency is a digital currency. You can buy and sell cryptocurrency online-like.

Open Source - Open source or open source software (oss) is a type of computer software in which the source code (also called coding) is released under a license in which the user can use, study, change and distribute the software Can.

miner's job is to verify bitcoin transactions in returns.

 They have to solve difficult equations. The miners use supercomputers for this. Supercomputers require large amounts of electricity to use. When two people order to buy bitcoins, 

the information to verify the transaction turns into difficult equations, so the miners solve that equation but one transaction of bitcoin is solved by miners around the world and Joe Lane. - Verify the transaction.

 They get the prize of the newly created bitcoin. After this the miners have to put this traction description on the block. 

A block has about 1000 transitions and the size of a block is 1 MB. 

This is done because a hacker can hack the transaction details and also the people who brought and sold bitcoins and they all make a series of blocks and make a long history and you can see the first and most recent bitcoin.

After that the transaction was completed. The block is like you put some water in a tumbler and scientists are not able to research that water. 

You can sell bitcoins with a bitcoin wallet but if bitcoin and other cryptocurrencies are not banned by the government. Cambridge University research estimated in 2017, there were 2.9 to 5.8 million unique users using cryptocurrency wallets, most of them using bitcoin.

With the help of cryptocurrency wallet you can buy and sell cryptocurrency.

I am going to tell you the pitfalls of bitcoin and some important terms of bitcoin

Disadvantages- Use in illegal transactions, large amounts of electricity used by miners, price volatility.

Symbol - btc     

1 bitcoin = 1000 mili bitcoin  

 1 Bitcoin = 100000000 Santoshi  

 Only 21 million bitcoins can be created   

Reward = ₿6.25 Block time = 10 minutes

Some cryptocurrencies are-

Bitcoin (btc)

 Ethereum (ETH)

 Liticoin(LTC)

Cardano(ADA)

 Polkdot(dot)

BitcoinCash (BCH)

Stella(XLM)

chain linkBinance Coin (BNB)

 Tether (USDT)

Monero (xmr)

bitcoin technology 

What is Blockchain?

Blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography. 

Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (usually denoted as the Merkle Tree).

 By design, a blockchain is resistant to modification of its data. This is because once recorded, data in any given block cannot be retrospectively changed without changes to all subsequent blocks.

For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network to collectively follow a protocol for inter-node communication and validate new blocks. 

Although blockchain records are not unalterable, 

blockchains can still be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. 

The blockchain is described as "an open, distributed ledger that can efficiently and single-handedly record transactions between two parties."

The blockchain was invented in 2008 by a person (or group of people) named Satoshi Nakamoto, who works as a public transaction for cryptocurrency bitcoins. 

The identity of Satoshi Nakamoto is unknown to date. 

The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need for a trusted authority or central server. 

Bitcoin design has inspired other applications and blockchains that are readable by the public and are widely used by cryptocurrencies. 

Blockchain is considered a type of payment rail. 

[considered] Private blockchains have been proposed for commercial use, but Computerworld called the marketing of such personalized blockchains without the appropriate security model "snake oil". 

However, others have argued that allowing blockchains, if carefully designed, may be more decentralized in practice than permission less ones.

History of blockchain

Cryptographer David Chaum first proposed a blockchain-like protocol in his 1982 dissertation, "Computer systems installed, maintained, and mutually trusted by suspicious groups".

 Further work on cryptographically secured chain blocks was described in 1991 by Stuart Haber and W. Scott Stornetta. 

They wanted to implement a system where document timestamps could not be tampered with. In 1992, Haber, Stronteta, and Dave Baer incorporated Merkel trees into the design, 

which improved its efficiency by allowing multiple document certificates to be assembled into a single block.

The first blockchain was conceived in 2008 by an individual (or group of people), known in 2008 as Satoshi Nakamoto. 

Nakamoto significantly improved the timestamp blocks using a hashcash-like method without the need to present and initiate them signed by a trusted party. 

A difficulty parameter to stabilize the rate with which are added in series. 

The design was implemented the following year by Nakamoto as a core component of cryptocurrency bitcoin, where it serves as a public ledger for all transactions on the network.

what is private key and public key?

The private key is used to both encrypt and decrypt the data and is shared between the sender and receiver of the encrypted data. Public keys are used only to encrypt data and decrypt data, private keys are used and shared. The public key is free to use and the private key is only kept secret.

cryptocurrency and bitcoin exchanges?

A cryptocurrency exchange, or a digital currency exchange (DCE), is a business that allows customers to trade cryptocurrency or digital currencies for other assets,

 such as traditional fiat money or other digital currencies. Exchanges may accept credit card payments, wire transfers, or other forms of payment in exchange for digital cards or cryptocurrencies.

 A cryptocurrency exchange may be a market maker that typically charges bid-ask spreads for the service as a transaction commission or, simply as a matching platform, a fee.

what is bitcoin address?

Bitcoin was invented by someone named Satoshi Nakamoto. A bitcoin address, or simply address, is the identification of a letter and number, starting with a number 1 or 3, representing a possible destination for bitcoin payments. Addresses can be generated by any user of bitcoin at any cost.

how to buy and sell bitcoin?

there are several apps from you can buy sell bitcoin. however, if your country accept bitcoin. 

what we need to use bitcoin buying and selling apps?

as we need bank accounts that we use in central banks same we need a bitcoin wallet for that. there are bitcoin 

what is bitcoin network?

The bitcoin network is a peer-to-peer payment network that operates on cryptographic protocols. Users send and receive bitcoins, units of currency, by broadcasting digitally signed messages across the network using bitcoin cryptocurrency wallet software. 

transaction are recorded in database known as blockchain.

Bitcoin designer Satoshi Nakamoto claimed that the design and coding of bitcoin began in 2007. The project was released in 2009 as open source software.

bitcoin is very famous in united states.

how does bitcoin transaction take place?

When you send that bitcoin to someone else, your wallet creates a transaction output, which is the address of the person to whom you are sending the bitcoin.

 then bitcoin miners solve hard equational mathematics after that transaction will then be registered on the bitcoin network with your bitcoin address as the transaction input.