Cryptocurrency: Unraveling the Mystery behind Bitcoin

Photo Source: twitter.com

Bitcoin is a type of cryptocurrency that was created by anonymous people dubbed as Satoshi Nakamoto in 2009. It was created just after the housing market crush to facilitate instant payments. The cryptocurrency was the first one of its type to successfully keep record of transactions on a secure decentralized blockchain technology.

The ‘blockchain’ technology is a shared database of transactions whose records are confirmed and encrypted. ‘Miners’ are the ones who secure transactions through high-powered computers to verify them. Bitcoin software is freely available online. Transactions involving bitcoin doesn’t involve middlemen or banks.

There are no bitcoins that exist physically, but are kept in the form of balances on a public ledger that is accessible to everybody with the interest of accessing it.

Bitcoin can be bought or sold using different currencies. There are various currency exchanges where clients can swap cash for bitcoin. Some of the exchanges include Coinbase, Bitstamp and Gemini. Applications such as BitPay allow users to convert bitcoin funds in a digital wallet to pay for goods and services based on traditional monies used by retailers.

People are able to transfer bitcoins to each other through computers and apps on mobile phones. The procedure is the same as the one of sending cash digitally.

Bitcoins can be created through the process of ‘mining.’ The procedure includes solving complex mathematics puzzle.

The cryptocurrency is stored in a ‘digital wallet’ which is either hosted over the cloud or on a computer. The wallet acts as a ‘virtual bank account’ that enables users to send and receive bitcoins. The user is also able to purchase goods and services or save the funds for future use.

The complexity of bitcoin transactions is that it doesn’t reveal the identities of the buyers and sellers. However, the transactions are recorded in a public log which only reveals the wallet IDs.

Comments

How Human Noise Kills Marine Species, as revealed by Scientists

Scientists have warned that the discord of noise made by humans is harming marine species . A comprehensive assessment revealed that large noise from human activities was as harmful as pollution, overfishing and climate change . The study that was conducted by the Journal Science exposed how marine animals can hear from far distances than they can see or smell. According to a report published in the Guardian, most of the marine life uses sound to catch prey as well as attracting a mating partner. Prof Carlos Duarte of King Abdullah University in Saudi Arabia argued that: “Marine animal can only sea up to around 10 meters, smell up to around a hundred meters, but they can hear across the entire ocean basins.” The research concluded that sound “is very important in the marine ecosystems, and noise is pervasive, affecting animals at all levels .” The increasing cacophony in the marine habitat is interfering with how marine animals respond to various survival...

Carbon dioxide to Make Jet Fuel, Study Reveals

Photo Source: twitter.com Aircrafts release a lot of carbon dioxide in the atmosphere which contributes to climate change. A research that was conducted by Science News and reported on December, 22 2020 stated that there was a new iron-based catalyst that has been invented to convert carbon dioxide into jet fuel. It is only a matter of time that carbon dioxide pumped to the atmosphere by planes could be sucked and used to power the same. The air travel’s footprint in carbon emissions could be tremendously curtailed, if the carbon dioxide that is released is recycled to generate fuel. As per Science News reports, Air transport contributes to about 12 percent of the entire transportation carbon-related emissions. Unlike cars, aircrafts cannot carry bigger batteries which can be run on electricity generated from wind or solar panels. The current breakthrough in the conversion of carbon dioxide to fuel involves cheap ingredients such as iron and transformed through a single s...

Why World Tycoons Should Emulate Microsoft founder, Bill Gates, in the Battle against Climate Change

The silent biggest global pandemic is global warming. Global problem deserves global attention; and that is why world moguls and leaders should use their influence to initiate change that can positively impact the world. Microsoft founder Bill Gates has consistently advocated for environment conservation and has been a key personality in the battle against climate change . Gates keen focus has been to increasing access to clean electricity in remote parts of the world. As a key defender of the environment, he is quoted by the Guardian saying that: “The idea of adding new electricity capacity- you can’t just go build coal plants.” The Guardian reported that Gates likes using private jets because he can get affordable fuel for flight. He revealed that he has already footed the bill of carbon footprint to a group dubbed Climeworks , a firm that captures up direct air in Iceland. Gates pointed out that the future of vehicles travels lie with electric cars; but excluded the el...

Phode News Hub

Search This Blog