Analysis of bitcoin and it's working in india 2020

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In 2009, there was a brilliant mind who came up with a brilliant idea of Cryptocurrency- Satoshi Nakamoto. He came up with his discovery which was going to change the future of many in 2009. 

He came up with an idea of Cryptocurrencies, And his discovery was...?? 

Analysis of bitcoin and it's working in india 2020


BASICS ABOUT BITCOIN  


Bitcoin was discovered in 2009 by Satoshi Nakamoto, whose focus was to decentralize the power.  Now, what is Decentralization of power?

Let's take an example, There are 3 friends, A, B&C who are playing poker. You do not have cash but still, you want to play the game. So, you'll note on a paper, who will give to whom and also how much.  

So what you did..?

To note down your transactions you hired a guy 'D' Now,  'D' will note down each and every transaction between three of you and he'll maintain the list on a paper. 'A' has to give 100 Rs to 'B',  Now, Mr 'D' has nothing to do with the game. He is just maintaining the transaction and recording everything. 

All these financial transactions and maintaining those is what we call 'Ledger' in banking terms. So, in this case, 'D' is maintaining the ledger. So 'D' is a bank or financial institute. He is doing what they also do. Money doesn't belong to them but just because they are maintaining our records, they are charging heavy. 

Now, these Banks are soo strong that they can decide -
1. Whether 'A' can give money to 'B' or not?
2. How much can they exchange?
3. When to give the money and how much to give?
4. They can even stop your transactions.  

MR SATOSHI NAKAMOTO STEP REGARDING THIS 


He came up with an idea and gave a paper to everyone- A, B & C. Now, everyone will have their own paper. Everyone will maintain their own ledger. So, all will write what's happening in the game. Now, even if there are 1000's of people, everyone will maintain their own ledger. At last, everyone will match their ledger. 

Now you will ask,

 'A' can write whatever wants?  

So how will you verify the records?  

There are millions of people doing crypto transactions. So how will it match?  

How these algorithm and functions are working behind the hood?

What they have done to make sure all these ledgers are matching with each other? 


Here's the solution, 

There are millions of volunteers who are working on these Ledgers. All these people get some bitcoin/satoshi to do this work. What these people are doing is also known as Minning.  So. these people are mining. They make sure all these ledgers are up to date and matching with each other. The copies of these ledgers, even if there are 1Million or 2Million people are doing these transactions, which are distributed in all the Bitcoin network. 

They will make sure all these ledgers are matching alwaysThis is how the first problem of current Currencies was sorted out by Crypto. So, crypto took the power from the central system and gave to everyone.

Next problem, with current Fiat Currencies, is Hyperinflation. Any Currency should have limited supply.  Any government shouldn't print as many new notes as they want, even in exceptional cases. So whenever new currency gets launched it is decided during that time how many coins can ever be produced during the lifetime.  

For example, Bitcoin supply has been restricted to 21 Millions because producing more bitcoin is not possible. Approximately 14-15 Million bitcoins are already produced and till the last of 2140, every bitcoin will be produced. So hyperinflation can not happen.  

So now you'll ask, what do you mean by producing bitcoin???  

As we discussed Mining. All these miners are not actually 'MINING'. They use their system, GPU memory, their light, hard drive. All those Hash function/Algorithms runs automatically on their system. Few blocks of transactions are confirmed and they get few Satoshi as fee or reward to solve those hash functions. You may call it a transaction fee and that's the only way of producing more bitcoins.

We say we are a global citizen now, but our Currencies are still national.  It's not true for cryptocurrencies. Even someone sitting in a very small village can use and do international transactions. All he/she need is a smartphone and internet. Just download one app and here you go.....!!  

Doing as much Internal transaction as you want being never that easy !!  Now that problem is solved with Crypto. Also, all those high international charges will be as minimal or as nil.  So, it's a best and cheap services.  

You'll hear lots of politicians and banks creeping about Cryptocurrencies. They'll say Crypto is a fraud, its a bubble. But let me tell you one thing, The day when all these physical currencies and FIAT currencies are out of the market then we all will only be left is CryptoCurrencies. That day, all these political Leaders or financial institutes will be out from market...  

Do you know from where all these leaders get this money? From Fiat Money, right?  The day when all will start using Crypto daily, then all these corruption issues, black money issues will be gone. There are many leaders who don't want this and hence they will keep you diverting.

Always remember one thing that no one can ever ban Cryptocurrencies. Banning Cryptocurrencies means banning the internet. And you can't ban the internet right..??  

Cryptocurrencies are not controlled by any bank, Government or Financial Institute neither by me, you, or by all of us together. So, No one can stop Cryptocurrencies.

So, have belief, have trust ... GO CASHLESS... GO CRYPTO ..... !!!!!  


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