Channel: Tech Raj

Category: Science & Technology

Tags: how cryptocurrency workstech rajhow bitcoin workscrypto miningmining cryptocurrencycryptocurrencybtcbitcoin miningethereumbitcoin explainedhow does bitcoin workdappdecentralised applicationscryptocurrency explainedbitcoin

Description: 31st October 2008 - A person named Satoshi Nakamoto published a post on a Cryptography mailing list. It went like this, "I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party" He termed it as bitcoin - A peer to peer electronic cash system. The design paper of his proposed system was published at bitcoin.org/bitcoin.pdf Months later, Bitcoin went live on January 3, 2009. One Bitcoin is now worth $58,234 (at the time of writing this description) But how did bitcoin become so popular and so valuable? Simple, people started realizing that bitcoin is a revolutionary technology and it solves many problems that the traditional banking system fails to solve. As more people and companies started investing in bitcoin, it became extremely valuable. Bitcoin is a peer-to-peer electronic payment system that eliminates the need for a trusted third party. You can directly send payments to others using bitcoin without an intermediate bank. The whole concept of Bitcoin is to utilize the computing power of individual computers that are owned by normal users and thus not relying upon a central server or authority. The bitcoin network mainly has two actors - Users and Miners. Users are the people who use bitcoin to send or receive cryptocurrency. Miners are the people who are actually the backbone of Bitcoin, they are the ones who provide their computing power to support the bitcoin network, needless to say, without miners, bitcoin simply wouldn't function. Even you can be a miner yourself. You just have to download the Bitcoin software to your computer and run it. But also please be noted, that you are providing your computing resources to the bitcoin network by agreeing to be a miner. Resources to learn more about Bitcoin - Bitcoin official white paper by Satoshi: bitcoin.org/bitcoin.pdf Bitcoin wiki (you can learn every single thing about bitcoin here): en.bitcoin.it YouTube videos: 3Blue1Brown: youtu.be/bBC-nXj3Ng4 djp3 part1: youtu.be/Em8nJN8IEes djp3 part2: youtu.be/f9nxuhLSyOg Good luck! Join my Discord: discord.gg/AAs9Te8DSN Follow me on Instagram: instagram.com/teja.techraj​​​ Website: techraj156.com​​​ Blog: blog.techraj156.com Thanks for watching! SUBSCRIBE for more videos!