Bitcoin (BTC) is a decentralized digital currency, used to verify and secure the Bitcoin transactions from one user to another. Bitcoin mining involves addition of Bitcoin transactions into a distributed public ledger of transactions. Established in 2009 by Satoshi Nakamoto, in July 2013 the Bitcoin price was $118 and today in August 2017, the price has increased up to $3389. Owing to the supply and demand of Bitcoin, every business or netizen wants to invest in this golden cryptocurrency.
Bitcoin is a first decentralized peer-to-peer payment network that secures the transactions done by users digitally. It works on the blockchain technology and confirms the transactions in a public ledger so that there are zero chances of double spending.
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Bitcoin uses Secure Hash Algorithm 256-bit (SHA256) for mining. Developed by NSA, the SHA algorithms converts the data into numbers. The SHA256 is applied twice for Bitcoin Mining. To mine a Bitcoin, miners use a software to solve cryptographic problems and when they successfully solve that problem, they get Bitcoins in reward.
The biggest advantage of Bitcoin is that a user can send and receive Bitcoins across the world in just a couple of minutes.
Bitcoin has no transaction fees when a user or any individual receives Bitcoins.
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