Bitcoin

Bitcoin is a digital currency that was introduced in 2009. There is no physical version of the currency, so all Bitcoin transactions take place over the Internet. Unlike traditional currencies, Bitcoin is decentralized, meaning it is not controlled by a single bank or government. Instead, Bitcoin uses a peer-to-peer (P2P) payment network made up of users with Bitcoin accounts.
Bitcoins can be acquired using two different methods:
                     
1:  exchanging other currencies for bitcoins :

It is most common and can be done using a Bitcoin exchange like Mt. Gox or CampBX. These exchanges allow users to trade dollars, euros, or other currencies for bitcoins.

2:  bitcoin mining :

bitcoin mining, involves setting up a computer system to solve math problems generated by the Bitcoin network. As a bitcoin miner solves these complex problems, bitcoins are credited to the miner. While this seems like an easy way to earn bitcoins, the Bitcoin network is designed to generate increasingly more difficult math problems, which ensures new bitcoins will be generated at a consistent rate. Additionally, the Bitcoin protocol and software are open source to make sure the network isn't controlled by a single person or entity.
 

When you obtain bitcoins, your balance is stored in a secure “wallet” that is encrypted using password protection. When you perform a bitcoin transaction, the ownership of the bitcoins is updated in the network and the balance in your wallet is updated accordingly. Bitcoin transactions are verified by the bitcoin mining systems connected to the network, so there is no need for a central bank to authorize transactions.
Since bitcoins are transferred directly from person to person, the transaction fees are small (around $0.01 per transaction). Additionally, there are no prerequisites for creating a Bitcoin account and no transaction limits. Bitcoins can be used around the world, but the currency is only good for purchasing items from vendors that accept Bitcoin.

Comments

Post a Comment

Popular posts from this blog

Secure Database Connectivity in node.js with mysql

Image
Hi Everyone! Yesterday my friend Andrea from Italy asked me a question about secure Database connectivity in node.js with mysql i.e. he wants to a secure database connection in node.js for some secure keys like username,password,database name that we use during database connectivity.His problem is obviously right from security point of view as we know that JavaScript is client side scripting knowledge so it is compiled on client side so after inspecting page some one can be able to view these secure keys which I discussed previously. I surf internet and found there are various ways to solve this problem I am not discussing all of them here but also I discussing here two of them and after this discussion I think Andrea and other reader who are facing with same problem can be able to resolve their problem. I choose two ways to solve this problem. Connection code in app.js file Create a Json file Connection code in app.js file : Javascript is client side language and code i...
Keep reading

node.js web server module

Image
What is web server ? Web servers can refer to hardware or software or both of them working together. Web servers are computers that are usually setup in facilities called Data Centers and operated by hosting companies.The files stored on web servers are read by browsers.Browsers communicates with web servers to bring you information from internet. Purpose of Web server Store website so that people can visit them on internet. It serves file as per request. It can send same or different file to one or more than one user at the same time. Today I am discussing a small node.js application probably you are familiar with this example but it is mandatory to create a base.During this example I will discuss about starting a web server using node js.In node js one thing is very interesting that you need not install any other setup like Apache Tomcat or any other for node js application.You can run your application with node js setup that you have already install during your first...
Keep reading

electron pacakger giving error 'System.AggregateException: One or more errors occurred

Hey guys! Can anyone suggest me to solve this problem during building installer package for windows in node.js with electron framework.As I show error below. Well, sometimes you are not so lucky: Failed with exit code: 4294967295 Output: System.AggregateException: One or more errors occurred. ---> System.ComponentModel.Win32Exception: The specified executable is not a valid application for this OS platform. at System.Diagnostics.Process.StartWithCreateProcess(ProcessStartInfo startInfo) at System.Diagnostics.Process.Start() at System.Diagnostics.Process.Start(ProcessStartInfo startInfo) at Squirrel.Utility. d__11.MoveNext() --- End of stack trace from previous location where exception was thrown --- at System.Runtime.CompilerServices.TaskAwaiter.ThrowForNonSuccess(Task task) at System.Runtime.CompilerServices.TaskAwaiter.HandleNonSuccessAndDebuggerNotification(Task task) at Squirrel.Utility. d__23.MoveNext() --- End of inner exception stack trace --- a...
Keep reading