World of Cryptocurrency

Let's first understand what a cryptocurrency is?

Some says money is anything.

If money is anything then currency is also anything. If currency is anything then cryptocurrency is also a currency.

The following video shows the concept of cryptocurrency.

As you know there are 195 recognized countries in the world according to the United Nations and every country has its own currency.

Currency is a form of money and it is issued by the government but cryptocurrency is not considered yet a form of money in many countries and not issued by the government. Cryptocurrency generates computer.

In short, this is my personal opinion not a professional one that currency is invention not a discovery and inventions are update time to time.

Fiat money is a type of government issued currency. Banknote is a form of fiat money.

In the above video, I'd show you that how cryptocurrency is generated from computer.

Who is created cryptocurrency?

Satoshi Nakamoto is the name used by the person who created cryptocurrency.

The following video shows the name of a person who is created cryptocurrency.

Nakamoto's name is Japanese.

However, much speculations has focused on software and cryptocurrency experts in the United States or Europe.

In 2014, a Newsweek article claimed that Dorian Nakamoto was Satoshi Nakamoto.

Australian computer Scientist Craig Wright was also identified as Satoshi Nakamoto by reporters.

In short, It is an unsolved mystery of 21st century that who is Satoshi Nakamoto.

Let's understand how Bitcoin works?

As you know that mining is a crucial part of the digital network like cryptocurrency etc. Mining isn't as simple as it sounds. Miners receive cryptocurrency like Bitcoin etc. in return for their services. The chance of earning Bitcoin reward depends on the hash rate or hash power of miners.

Hash A hash is a randomly generated hexadecimal number.

Miners Miners guess the hash.

Hash Rate The hash rate is the number of guesses made per second. In other words, hash rate measures the computational power of a blockchain network. 

Computational Power The number of calculations a miner can perform in one second.

In simple words, mining creates cryptocurrency and releases them into circulation. Shared ledger that keeps track of transactions and balances on blockchain network.

The energy needed to run the network of cryptocurrency. Bitcoin alone uses more electricity in some countries.

The following image shows the name of a country who is uses more electricity..

Let's see who's ruling Bitcoin mining till NOVEMBER 15, 2024:

1. USA hash rate contribution is approximately 37%. This is due to the regulatory environment in United States of America is generally welcoming compared to other countries.

2. China's global hash rate contribution is around 20%.

3. Kazakhstan hash rate contribution is approximately 13% and big mining pools like BTC.com and Binance have set up shop here.  

4. Russia contributes about 11% of the global Bitcoin hash rate. Miners have advantage here because of country's freezing temperature and cheap energy that create perfect conditions for mining.

Let's understand what Bitcoin is?

Bitcoin consists of two components blockchain and digital asset.