What are bitcoins and How Bitcoins Work [Everything About Bitcoins]

What is Bitcoin, and How does Bitcoins Work?

We have already written an article on Cryptocurrency. If you don’t read it please first read it by going here “All About Cryptocurrency”. So you know the basics of cryptocurrencies and how they work.

So let’s start with today’s post about Bitcoin.

Hello Friends,

You here about this currency lot of time right. So the question is what is this? How it works? And why bitcoin has become so popular?

What Are Bitcoins?

“Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator” According to Wikipedia.

What the hell you are telling I don’t Understand it.

Oh! Here is in simple language

Bitcoin was the first cryptocoin currency ever invented.It is the first decentralized digital currency.

That means nobody owns or controls Bitcoin. There is no bank or central system which control your transactions.

No one knows exactly who created it cryptocurrencies are designed for maximum anonymity – but bitcoins first appeared in 2009 from a developer supposedly named Satoshi Nakamoto.

Look at above para here word used maximum anatomy and that’s why bitcoins are famous among the Dark Net Mafia.

Now everyone on darknet uses Bitcoins for the purchase of Drugs, Weapons, and other Illegal things.

Why Bitcoins Are So Controversial?

Various reasons have converged to make Bitcoin currency a real media sensation. From 2011-2013, criminal traders made bitcoins famous by buying them in batches of millions of dollars so they could move money outside of the eyes of law enforcement. Subsequently, the value of bitcoins skyrocketed.

Bitcoins & other Cryptocurrencies are highly controversial because they take the power of making money away from central federal banks, and give it to the general public.

Bitcoin accounts cannot be frozen or examined by tax men, and middleman banks are completely unnecessary for bitcoins to move. Law enforcement and bankers see bitcoins as 'gold nuggets in the wild, wild west', beyond the control of traditional police and financial institutions.

How Bitcoins Work?

“Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.” ~Bitcoin.org

Bitcoins are completely virtual coins designed to be ‘self-contained’ for their value, with no need for banks to move and store the money. Once you own bitcoins, they behave like physical gold coins: they possess value and trade just as if they were nuggets of gold in your pocket. You can use your bitcoins to purchase goods and services online, or you can tuck them away and hope that their value increases over the years.

The network is peer-to-peer and transactions take place between users directly through the use of cryptography, without an intermediary.4 These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.

How Bitcoins Are Tracked

A Bitcoin holds a very simple data ledger file called a blockchain.

 Each blockchain is unique to each individual user and his/her personal bitcoin wallet. All bitcoin transactions are logged and made available in a public ledger, helping ensure their authenticity and preventing fraud. This process helps to prevent transactions from being duplicated and people from copying bitcoins.

Note: While every Bitcoin records the digital address of every wallet it touches, the bitcoin system does NOT record the names of the individuals who own wallets. In practical terms, this means that every bitcoin transaction is digitally confirmed but is completely anonymous at the same time.

So, although people cannot easily see your personal identity, they can see the history of your bitcoin wallet. This is a good thing, as a public history adds transparency and security, helps deter people from using bitcoins for dubious or illegal purposes.

Why Bitcoins?

Because there are very small fees to use bitcoins which is cheaper than conventional banking or wire transfer fees.

The Fear of Bitcoins

• Bitcoins are not created by any central bank, nor regulated by any government.
• Bitcoins completely bypass banks.
• Bitcoins are changing how we store and spend our personal wealth.
• Bitcoin transactions are irreversible.
• And the most dangerous the increase in use of bitcoins in Dark Net for illegal market deals

You can Earn bitcoins by bitcoin mining. But it requires very high-end Hardware which is not profitable in India.

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Everything You Need To Know about What is Cryptocurrency [Ultimate Guide]

Cryptocurrencies like Bitcoin, Litecoin, and Peercoin are growing in popularity. Here’s how they work.

Everything You Need To Know about What is Cryptocurrency [Ultimate Guide]

What is Cryptocurrency?

Cryptocurrency is a virtually encrypted currency which is backed by the security of cryptography. It is a digital currency for which encryption techniques are used to regulate its use and generate its release. Cryptocurrency is not regulated or controlled by any bank, government or centralized financial authorities.

Instead, it relies on the power of the Internet to guarantee its value and confirm transactions. Users on a network verify every transaction, and those transactions then become a matter of public record. This prevents the same digital currency or coin from being spent twice by the same person.

Cryptocurrency is one of those financial terms which aims to reduce the involvement of financial institutes in the transaction process.

Who Introduced Cryptocurrency and Why?

Satoshi Nakamoto, the unknown inventor of Bitcoin.

In his announcement of Bitcoin in late 2008, Satoshi said he developed “A Peer-to-Peer Electronic Cash System.“

His goal was to invent something; many people failed to create before digital cash. Since many years, a number of banks were trying to introduce the facility like cryptocurrency however, they failed to do so because of the system limitations and keys encryption process.

Soon after his first try, he realized that a viable digital cash system cannot be operated under the centralized system. Though it is true that decentralization of the digital cash system decreases its overall security, however, this problem is relatively solve-able in nature and can be corrected with the proper encryption of public and private keys.

Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending. It’s completely decentralized with no server or central authority.  – Satoshi Nakamoto, 09 January 2009, announcing Bitcoin on SourceForge.

How are cryptocurrency records kept?

That digital public ledger on which all transactions are recorded is called the blockchain. Data is stored across a network, so it’s not susceptible to exploitation by hackers or central failure.

Each record or series of records on the blockchain is known as a block. A block is sent to the network and added to the blockchain after it’s accepted by the network as a valid transfer. Once verified, the blocks cannot be changed.

Mining Of Cryptocurrency

Cryptocurrencies are released to the world through a process called “mining.” For you to mine this currency, you must attempt to solve a computational puzzle known as a hash, which allows you to add the next block. These transactions are then recorded in the blockchain for all to see.

When you solve this hashes you get some of the revenue from this by means of a cryptocurrency.

Mining is the process of using a computer to perform complex calculations on blocks of data which maintain the Bitcoin network. Miners are rewarded for their efforts with a certain amount of Bitcoins.

This is like mining a gold for this you need some equipment [Powerful Hardware]

• Mining hardware : You’ll need an ASIC chip for your computer designed specifically to mine cryptocurrency.
• 
  
• Mining software  : Look for free software with easy-to-follow instructions that explain how these programs work with your ASIC.
• 
  
• Bitcoin wallet      : If you complete a block, you’ll need to store your bitcoin in a wallet.

I write a full article on Bitcoin you can read it for more information

But keep in mind nowadays mining is very difficult

Different type of Cryptocurrencies

Bitcoin

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

Altcoin

It won’t be wrong to call the Altcoin as the successful sister of Bitcoin because more or less they both perform the similar kind of work. However, according to the officials of Altcoin, this system is better than the Bitcoin because it is stronger in nature and aims to add extra security to the entire

transaction process.

Litecoin

Now if we talk about another famous cryptocurrency by-product named asLitecoin then, it is quite interesting to see that operations of Litecoin are backed by the scrypt rather than SHA-256. It is pretty evident that SHA-256 is quite famous amongst the cryptocurrency users, however, in 2011, developers planned to give a try to the oldest platform named as scrypt

The basic purpose behind launching the scrypt was to provide a good open solution to the public where they could mine the algorithms without installing any sort of difficulty mining system based software.

Ripplecoin

The basic purpose behind the launch was to equip users with an open source network which is further backed by the SHA-256. Moreover, the developers had the vision of introducing the PayPal for the digital currencies and they actually become successful in convincing the people that Ripplecoin can work as the PayPal

Increase use of Darknet markets

Cryptocurrency is also used in controversial settings in the form of online black markets, such as Silk Road. The original Silk Road was shut down in October 2013 and there have been two more versions in use since then; the current version being Silk Road 3.0. The successful format of Silk Road has been widely used in online dark markets, which has led to a subsequent decentralization of the online dark market. In the year following the initial shutdown of Silk Road, the number of prominent dark markets increased from four to twelve, while the amount of drug listings increased from 18,000 to 32,000.

Darknet markets present growing challenges in regard to legality. Bitcoins and other forms of cryptocurrency used in dark markets are not clearly or legally classified in almost all parts of the world.

People use this currency to buy drugs, weapons and many illegal things on darknet because Bitcoin addresses are not themselves linked to a person or entity.

You can also like to read Dark Web

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Right Use of Technology : Crazy Engineers

Right Use of Technology: Crazy Engineers [Must Watch] [Video]

Hello Friends,

Today I am Sharing a video that will show you some crazy Engineers around the world.

How they use working machines for fun.

Most funny thing is they use these things with accuracy.  :-D :-D

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Google's AI (Artificial Intelligence) made its own child AI, that better than AI made by Humans

Google's AI made its own AI, and it's better than anything ever created by humans

Computer generated algorithm is more accurate and more efficient than even the best human-generated ones

Hello Friends,

    You all know about Google and the people working in Google. they all are crazy and Awesome. The team of some researchers at Google Brain working on an Artificial Intelligence system and back in May 2017 they developed an AI system called as AutoML, the system that could generate its own child AI.

    In brief, they automate the process of making  AI system (cool maybe you remember the Robot movie of Rajanikant how one chitti made its fellow robots by its own).

    More recently, they decided to present AutoML with its biggest challenge to date, and the AI that can build AI created a “child”.Their next big task was to benchmark these automatically generated AIs against more traditional human-made AIs and surprisingly it outperformed all of its human-made counterparts.

    AutoML uses a technique called reinforcement learning as well as neural networks to develop the daughter AIs. NASNet, a child AI, was developed and trained to recognize objects in real-time video streams. When benchmarked with industry standard validation sets, it was found to be 82.7% accurate at recognizing known objects. This is 1.2% higher than anything seen before and the system is also 4% more efficient than the previous best algorithms.

“In our approach..., a controller neural net can propose a ‘child’ model architecture, which can then be trained and evaluated for quality on a particular task,” the company said at the time. 

“That feedback is then used to inform the controller how to improve its proposals for the next round. We repeat this process thousands of times — generating new architectures, testing them, and giving that feedback to the controller to learn from.”

But there is always a fear like in Avengers "The Ultron"

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How electric car works : Tesla Model S [Must read]

How Electric Car Works : Tesla Model S [Video]

Hello Friends,

Today I will discuss about How electric car actually works ahhh.. forget instead I will show you a video that will show you the actual working principle of Electric car with big name Tesla.

Before that we will see some basic fundamentals 

The electric vehicle power source is the battery which acts as a "gas tank" and supplies the electric motor with the energy necessary to move the vehicle.  This gives the car acceleration.  When the vehicle is idle there is no electrical current being processed, so energy is not being used up. The controller acts as a regulator, and controls the amount of power received from the batteries so the motor does not burn out. This battery powers all of the electronic devices in the car, just like the battery in a gas-powered car. Everything else in the electric car is basically the same as its gas-powered equivalent: transmission, brakes, air conditioning, and airbags. Since electric vehicles use an electric motor, the driver can take advantage of the motor's momentum when pressure is applied on the brakes.  Instead of converting all the potential energy in the motor into heat like a fossil fuel-powered car does, an electric car uses the forward momentum of the motor to recharge the battery. This process is called regenerative braking.

Advantages:

• Most electric motors can travel up to 150 – 180 km before they need to be charged
• No tail pipe exhaust means no greenhouse gases such as CO2, NOx and PM10s
• No oil consumption means less reliance on fuel
• Cars can be recharged whenever is convenient to the user
• More cost-effective than regular cars because of long-lasting battery use
• Cheaper to maintain because they have fewer moving parts
• Creates less noise pollution because the engine is silent

So lets Start with video

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Longest Oil Pipeline in India : Mangala Development Pipeline

Longest Pipeline in India : Mangala Development Pipeline by Cairn India

Hello Friends,

Today I will gonna share you a Most Awesome work by Engineers that is India's Longest Pipeline Mangala Development Pipeline

Description
1.	Type	Crude oil pipeline
2.	Total Length	416 miles (670km)
3.	Capacity	175000bopd
4.	First phase Commissioned	June 2010
5.	Completion of Second Phase	First half of 2013
6.	Operator	Cairn India
7.	Partner	ONGC

     The 416-mile (670km) long Mangala Development Pipeline (MDP) is a crude oil pipeline that runs from Barmer, Rajasthan, to the Jamnagar district of Gujarat, India. It is longest continuously heated pipeline in the world and the first such pipeline in India.

     The 24in pipeline has a capacity of 175,000bopd. It is part of Cairn India’s Mangala oil field development plan.The MDP is operated by Cairn India with 70% ownership in the project. The remaining 30% is owned by the Oil and Natural Gas Corporation (ONGC).

    The project is being built in two phases. The 367-mile (590km) first phase was commissioned for commercial operation in June 2010. Construction of the remaining 49-miles (78.8km) section as part of the second phase began in the third quarter of 2012.

Problem facing transportation of Oil

     The distance between Source and the destination is about 670km and the main problem is the crude oil turns into wax if it's temp falls down below 65°C. To avoid this engineers equipped the pipeline with a skin effect heat management system. This innovative system prevents the crude oil from turning into wax by ensuring that temperature inside the pipeline always remains higher than the wax appearance temperature (WAT) of 149°F.

    To heat the lines they get Gas which is also got from the same place where oil.

    An 8in gas pipeline runs parallel to the main line. It is used to supply gas to the all the three dozen ground installations located at every 11.2-mile (18km) of distance along the pipeline. These installations ensure that the right temperature of the pipeline is maintained.

     Three pigging stations are also provided for cleaning and inspection purposes. The three stations are located at the Viramgam terminal, Sanchore, and Wankaner.

Please watch this video until the end without skipping

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Mahindra : Automobile production and R&D division in USA

First Time In History Mahindra: Automobile production and R&D division in the USA

Hello Friends,

     I am fealing very proud to tell you that now an Indian root company opens an R&D division in the USA.

First time ever in the history an Indian company, opening its Automobile production and R&D division in the USA...

This is the best moment for all Indians that our Technology and vehicles will match and compete any of the world's best technologies...

Proud to know this work by Mahindra Group

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