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What Is Bitcoin And How It Works?

What is Bitcoin? Bitcoin is a digital currency that was created by Satoshi Nakamoto in 2009. It is a digital currency in the form of electronic cash which is used and distributed electronically. Bitcoin is a decentralized currency that works in a p2p network. It is not controlled by a single institution or person. Bitcoin transactions are made with no middlemen. In 2017u20132018 price-per-coin reached to $20,000. Today some retailers accept bitcoin for online transactions<br>Read article for more details: http://bit.ly/2LD6aGF

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What Is Bitcoin And How It Works?

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  1. www.rwaltz.com

  2. What is Bitcoin and How It Works? • https://www.rwaltz.com

  3. Table Content • What is Bitcoin? • Who Controls Bitcoin? • How Bitcoins Are Created • How Bitcoin Works? • How Bitcoin is Different From Traditional Currencies? • Decentralized • Limited Supply • Transparent • Irreversible • Fast • How To Get Bitcoin? • What is Altcoin? • Use Of Bitcoin • RWaltz Software Pvt.Ltd. | 2019

  4. What is Bitcoin? • What is Bitcoin? Bitcoin is a digital currency that was created by Satoshi Nakamoto in 2009. It is a digital currency in the form of electronic cash which is used and distributed electronically. Bitcoin is a decentralized currency that works in a p2p network. It is not controlled by a single institution or person. Bitcoin transactions are made with no middlemen. In 2017–2018 price-per-coin reached to $20,000. Today some retailers accept bitcoin for online transactions. • RWaltz Software Pvt.Ltd. | 2019

  5. Why Bitcoin? • As bitcoin is a digital currency and it was created as an alternative for decentralized payment method. Advantage of bitcoin is it reduces the transfer charges like the banking sector. Bitcoin can be used to buy merchandise secretly if both parties agree with the transaction. Due to bitcoin, international payments are easy and cheap because bitcoins are not tied with any country. Many people using bitcoin only as an investment as it will give good value to them in the future. • RWaltz Software Pvt.Ltd. | 2019

  6. Who Controls Bitcoin? • The main plus point of bitcoin is independence from banks, organizations, and Government. Bitcoin is controlled by all the bitcoin users who own the bitcoin. Bitcoin is decentralized cryptocurrency spread over the P2P network and the control of the system is delegated in thousands of nodes. No authority interference into bitcoin transactions and it is totally transparent so user having total control on their finance. • RWaltz Software Pvt.Ltd. | 2019 RWaltz Software Pvt.Ltd. | 2019

  7. How Bitcoins Are Created? New bitcoins are generated by the process called “mining”. In the mining process, individuals are rewarded by the network for their services. Bitcoin miner, a person requires a computer and mining software like GIUMiner. This program uses the computer’s resources to perform complicated mathematical calculations. When any miner successfully solves the mathematical problem to create a new block and received a certain number of Bitcoin as a reward that is known as “Block reward”. New bitcoins are created at a fixed rate that is why the bitcoin mining process is competitive. When a new block of a transaction is formed and verified by the user the whole block is get added to the digital ledger system popularly known as Blockchain. No central database is available to store this information every individual miner gets notified for the new block. When more miners join the network, the more difficult it becomes to make a profit for each of them. • RWaltz Software Pvt.Ltd. | 2019

  8. How Bitcoins Works? Bitcoins are the virtual coins so no need to store and move money. Once you own bitcoins they are like physical coins. User can see his or her amount of bitcoin in a wallet and the total scene handle by the massive public ledger called as a blockchain. Where all the confirmed transactions are combined into “blocks”. Once block enters into the system it is broadcast to the P2P network for the validation and it will affect all the blocks. If any fraud and mistake happen it is easily spotted and corrected by the user. The legitimacy of each transaction is protected by digital signatures corresponding to the sending addresses. The availability of bitcoins are limited and bitcoin protocol is designed in such a way that each block takes about 10 minutes to mine. • RWaltz Software Pvt.Ltd. | 2019 RWaltz Software Pvt.Ltd. | 2019

  9. How Bitcoins Are Created? New bitcoins are generated by the process called “mining”. In the mining process, individuals are rewarded by the network for their services. Bitcoin miner, a person requires a computer and mining software like GIUMiner. This program uses the computer’s resources to perform complicated mathematical calculations. When any miner successfully solves the mathematical problem to create a new block and received a certain number of Bitcoin as a reward that is known as “Block reward”. New bitcoins are created at a fixed rate that is why the bitcoin mining process is competitive. When a new block of a transaction is formed and verified by the user the whole block is get added to the digital ledger system popularly known as Blockchain. No central database is available to store this information every individual miner gets notified for the new block. When more miners join the network, the more difficult it becomes to make a profit for each of them. • RWaltz Software Pvt.Ltd. | 2019

  10. How Bitcoins are Different From Traditional Currencies 1. Decentralized 2. Limited Supply • The main behind creating the bitcoin is get the currency free from government authorities and whatever transactions happen in the network or in mining every machine and person should know about that and this is the main characteristics it is decentralized. No single organization or person can control the bitcoin network. • As we already know that the fiat currencies like Euros, INR, dollars have unlimited supply means the central bank can issue as many as they want. But with BTC the supply is controlled by an algorithm. A small number of new bitcoin is dribbled out every hour and it will continue till 21 Million has been reached and every transaction takes 10 minutes to complete. In practically if demand goes still supply is same. 4. Irreversible 3. Transparent • Like traditional payment methods takes place from the middle man so it is possible to reverse the transaction but in bitcoin every time it changes hands and wallet. Once you send your BTC to anyone there is no way to get them back unless the recipient would want to send them back to you. • Every single transaction that happens is spread across the network and get notified to BTC users and stored in Blockchain. So it is transparent to everyone. 5. Fast • The payment processed in the bitcoin network immediately within a few minutes where i9n other traditional banking systems it will take one day. • RWaltz Software Pvt.Ltd. | 2019

  11. Uses Of Bitcoin • 1) Spending Money Privately2) Low-Cost Money Transfers3) Online exchange4) Shopping 5) Booking RWaltz Software Pvt.Ltd. | 2019

  12. Contact Details : Address : Contact No.: • +1 404 973 2223 • +1 678 298 8244 +91 7499345429 Email: contact@rwaltz.com Website: www.rwaltz.com • USA Office: • 5910 Shiloh Rd East, Suite 123, • Alpharetta, GA 30005- USA. • India Office: • Plot No.23, Aatmavishvas Colony, Near RathachakraChowk,Indira Nagar, Nashik - 422009 RWaltz Software Pvt.Ltd. | 2019 • RWaltz Software Pvt.Ltd. | 2019

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