Bitcoin

What Is Bitcoin?


Bitcoin is a decentralized digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious and pseudonymous Satoshi Nakamoto. The identity of the person or persons who created the technology is still a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms do, and unlike government-issued currencies, it is operated by a decentralized authority.


Bitcoin is known as a type of cryptocurrency because it uses cryptography to keep it secure. There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to (although each record is encrypted). All Bitcoin transactions are verified by a massive amount of computing power via a process known as “mining.” Bitcoin is not issued or backed by any banks or governments, nor is an individual bitcoin valuable as a commodity. Despite it not being legal tender in most parts of the world, Bitcoin is very popular and has triggered the launch of hundreds of other cryptocurrencies, collectively referred to as altcoins. Bitcoin is commonly abbreviated as BTC when traded.

Understanding Bitcoin
The Bitcoin system is a collection of computers (also referred to as “nodes” or “miners”) that all run Bitcoin’s code and store its blockchain. Figuratively speaking, a blockchain can be thought of as a collection of blocks. In each block is a collection of transactions. Because all of the computers running the blockchain have the same list of blocks and transactions and can transparently see these new blocks as they’re filled with new Bitcoin transactions, no one can cheat the system.

Anyone whether they run a Bitcoin “node” or not can see these transactions occurring in real time. To achieve a nefarious act, a bad actor would need to operate 51% of the computing power that makes up Bitcoin. Bitcoin has around 13,768 full nodes, as of mid-November 2021, and this number is growing, making such an attack quite unlikely.

But if an attack were to happen, Bitcoin miners the people who take part in the Bitcoin network with their computers—would likely split off to a new blockchain, making the effort the bad actor put forth to achieve the attack a waste.

Balances of Bitcoin tokens are kept using public and private “keys,” which are long strings of numbers and letters linked through the mathematical encryption algorithm that creates them. The public key (comparable to a bank account number) serves as the address published to the world and to which others may send Bitcoin.

The private key (comparable to an ATM PIN) is meant to be a guarded secret and only used to authorize Bitcoin transmissions. Bitcoin keys should not be confused with a Bitcoin wallet, which is a physical or digital device that facilitates the trading of Bitcoin and allows users to track ownership of coins. The term “wallet” is a bit misleading because Bitcoin’s decentralized nature means it is never stored “in” a wallet, but rather distributed on a blockchain.

Peer-to-Peer Technology:
Bitcoin is one of the first digital currencies to use peer-to-peer (P2P) technology to facilitate instant payments. The independent individuals and companies who own the governing computing power and participate in the Bitcoin network Bitcoin “miners” are in charge of processing the transactions on the blockchain and are motivated by rewards (the release of new Bitcoin) and transaction fees paid in Bitcoin.

These miners can be thought of as the decentralized authority enforcing the credibility of the Bitcoin network. New bitcoins are released to miners at a fixed but periodically declining rate. There are only 21 million bitcoins that can be mined in total. As of November 2021, there are over 18.875 million Bitcoin in existence and less than 2.125 million Bitcoin left to mine.

Bitcoin Mining:

Bitcoin mining is the process by which Bitcoin is released into circulation. Generally, mining requires solving computationally difficult puzzles to discover a new block, which is added to the blockchain.

Bitcoin mining adds and verifies transaction records across the network. Miners are rewarded with some Bitcoin; the reward is halved every 210,000 blocks. The block reward was 50 new bitcoins in 2009. On May 11, 2020, the third halving occurred, bringing the reward for each block discovery down to 6.25 bitcoins
Early Timeline of Bitcoin
Aug. 18, 2008
The domain name Bitcoin.org is registered. Today, at least, this domain is WhoisGuard Protected, meaning the identity of the person who registered it is not public information.

Oct. 31, 2008
A person or group using the name Satoshi Nakamoto makes an announcement to the Cryptography Mailing List at metzdowd.com: “I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.” This now-famous white paper published on Bitcoin.org, entitled “Bitcoin: A Peer-to-Peer Electronic Cash System,” would become the Magna Carta for how Bitcoin operates today.

Jan. 3, 2009
The first Bitcoin block is mined Block 0. This is also known as the “genesis block” and contains the text: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks,” perhaps as proof that the block was mined on or after that date, and perhaps also as relevant political commentary.

Jan. 8, 2009
The first version of the Bitcoin software is announced to the Cryptography Mailing List.

Jan. 9, 2009
Block 1 is mined, and Bitcoin mining commences in earnest.

Bitcoin employment opportunities:
Those who are self-employed can get paid for a job related to Bitcoin. There are several ways to achieve this, such as creating any internet service and adding your Bitcoin wallet address to the site as a form of payment. There are also several websites and job boards that are dedicated to digital currencies:

Why Is Bitcoin Valuable?
Bitcoin’s price has risen exponentially in just over a decade, from less than $1 in 2011 to more than $68,000 as of November 2021. Its value is derived from several sources, including its relative scarcity, market demand, and marginal cost of production. Thus, even though it is intangible, Bitcoin commands a high valuation, with a total market cap of $1.11 trillion as of November 2021

Is Bitcoin a Scam?
Even though Bitcoin is virtual and can’t be touched, it is certainly real. Bitcoin has been around for more than a decade and the system has proved itself to be robust. The computer code that runs the system, moreover, is open source and can be downloaded and analyzed by anybody for bugs or evidence of nefarious intent. Of course, fraudsters may attempt to swindle people out of their Bitcoin or hack sites such as crypto exchanges, but these are flaws in human behavior or third-party applications and not in Bitcoin itself.

How Many Bitcoins Are There?
The maximum number of bitcoins that will ever be produced is 21 million, and the last bitcoin will be mined at some point around the year 2140. As of November 2021, more than 18.85 million (almost 90%) of those bitcoins have been mined.18 Moreover, researchers estimate that up to 20% of those bitcoins have been “lost” due to people forgetting their private key, dying without leaving any access instructions, or sending bitcoins to unusable addresses.

Where Can I Buy Bitcoin?
There are several online exchanges that allow you to purchase Bitcoin. In addition, Bitcoin ATMs internet-connected kiosks that can be used to buy bitcoins with credit cards or cash have been popping up around the world. Or, if you know a friend who owns some bitcoins, they may be willing to sell them to you directly without any exchange at all.

The end…

LinkedIn

LinkedIn is a very famous employment oriented online service where various professional corporate workers and job seekers get connected with each other. It provides the best networking opportunity in this online era.

How the idea of creating this kind of site came up?

How Reid Hoffman built LinkedIn?

Reid Hoffman was born on 5th August, 1957 in California. When he was only 12, he wrote the suggestions for the gaming company and then the game developer asked him if he wanted to do something with the game, after that he started working there and received his first pay-check. After graduating from high school, Hoffman graduated from Stanford University. At Stanford, he met Peter Thiel who became his good friend from then. While being at Stanford, he pondered about influencing others at a large scale. He wanted to make a big impact in the world. Hence, he started to invest his time in making software which can be used by billions of people.

He tried to get funding from various company but got rejected each and every time. Hoffman joined Apple Computer in 1994 through the reference he got from his room-mate at Stanford. At Apple, he worked at eWorld which soon got stopped due to heavy losses.

He left Apple and join Fujitsu and overtook project management field. In July 1994, he resigned from Fujitsu and took a big step of opening his venture on his own. He named that venture socialnet.com!

SocialNet was focused mainly on online dating although you can connect with people for different purposes as well on it. It was a good venture from the beginning but it didn’t last in long run. It started to look scattered due to lack of a clear purpose. Online dating and making friends was a new idea back then which was not accepted by the people at that time.

He learnt a great lesson from this failure that the product distribution strategy is as important as the quality of the product itself.

After that he joined PayPal, where he was responsible for the external affairs department. In 2002, PayPal went public, Hoffman was a real contributor in the success of PayPal. After that he achieved the financial freedom by becoming a millionaire.

He though of taking a long break after a huge success but he got back to work only after the break of three weeks. He founded LinkedIn in December, 2002 with his teammates from PayPal and Socialnet.

He founded LinkedIn on his idea that the people would have two identities on the internet . One is their social identity which people want to show others to befriend them and the other one is the real identity which is for their achievements, educational background and works till that date.

LinkedIn is a professional networking site which connects professional people and job seekers from all over the world to help them in getting better opportunities and the better insights of real corporate world.

Initially, they invited the people they already knew about. From there, the things began to grew. In first month of operation, a total of 4500 users joined the platform. Some of them found jobs and new clients through LinkedIn which itself was fulfilling the purpose of the platform.

 People started to recommend the platform and more people started to join in. By the time, LinkedIn was a year old, it already bagged about 5,00,000 users on its platform.

Meanwhile, Sequoia Capital invested in this venture. By the year 2004, the platform managed to have a million users already.

Hoffman pointed out two major problems with LinkedIn in 2006. One was its user base which was comparatively low and the other was the product itself.

He resigned from the post of CEO and appointed Dan Nye as the new CEO of LinkedIn.

He worked as CEO for two years and helped LinkedIn to grow more and more. During those two years, the site reached to 35 million users and sales jumped over 900%.

A mobile version of LinkedIn was introduced on February, 2008. In January 2011, LinkedIn filed for an Initial Public Offering.

Over the years, LinkedIn acquired many small start-ups to increase the quality of the product and make it more useful for their users.

On 13th June, 2016 , nearly 14 years after starting the company, Microsoft acquired LinkedIn for $26.2 billion.

This was the largest acquisition made by the Microsoft till date. This deal made Hoffman and his teammate billionaires!

Today, LinkedIn is the world’s largest professional networking site with over 706 million users all around the world.

TOP FIVE CITIES IN INDIA

There are some most important cities in India,

* Mumbai.

* Delhi.

* Banglore.

* Kolkata.

* Chennai.

MUMBAI:-

Mumbai formerly called Bombay is a densely populated city on India’s west coast. A financial center, it’s India’s largest city. On the Mumbai Harbour waterfront stands the iconic Gateway of India stone arch, built by the British Raj in 1924.India’s share market is also in mumbai.Mumbai is also called as city of dreams.Mumbai is the seventh cheapest city in the world Mumbai is a huge and populous city, the level of crime is high. Travelers can easily become victims so they need to avoid traveling alone on public transport or in taxis, especially at night. There have been reports of British tourists becoming the victims of a scam by taxi drivers.

DELHI:-

New Delhi is the capital of India and an administrative district of the National Capital Territory of Delhi. New Delhi is the seat of all three branches of the government of India, hosting the Rashtrapati Bhavan, Parliament House, and the Supreme Court of India.New delhi is a union territory.It is situated alongside River Yamuna and bordered by Haryana state on three sides and by Uttar Pradesh state to the east.Delhi is relatively safe in terms of petty crime, though pickpocketing can be a problem in crowded areas so keep your valuables safe. Roads are notoriously congested.New Delhi is best known as the location of India’s national government. New Delhi has great historical significance as it was home to powerful people, such as the Pāṇḍavas and the Mughals. The city has many historical monuments and tourist attractions as well as lively marketplaces and great food, such as chaat.The world wonder taj mahal also present in a New delhi.

BANGLORE:-

Bengaluru also called Bangalore is the capital of India’s southern Karnataka state. The center of India’s high-tech industry, the city is also known for its parks and nightlife. By Cubbon Park, Vidhana Soudha is a Neo-Dravidian legislative building.It has a population of more than 8 million and a metropolitan population of around 11 million, making it the third most populous city and fifth most populous urban agglomeration in India.The current estimation of economy of Bangalore and its metropolitan area is US$ 110 billion making it India’s fourth richest metropolitan area.

KOLKATA:-

Kolkata formerly Calcutta is the capital of India’s West Bengal state. Founded as an East India Company trading post, it was India’s capital under the British Raj from 1773–1911. It is known for its grand colonial architecture, art galleries and cultural festivals. It’s also home to Mother House, headquarters of the Missionaries of Charity, founded by Mother Teresa, whose tomb is on site.Kolkata has gained the top spot in the list of the country’s safest cities for the year 2020.Kolkata is also known as the Black City.

CHENNAI:-

Chennai, on the Bay of Bengal in eastern India, is the capital of the state of Tamil Nadu. It is also called Madras.The Chennai Metropolitan Area is one of the largest municipal economies of India. More than one-third of India’s automobile industry being based in the city. Home to the Tamil film industry, Chennai is also known as a major film production centre. It is one of the 100 Indian cities to be developed as a smart city under the Smart Cities Mission.The world second largest beach is in Chennai and The zoological park.There is many place to visit in Chennai.