Bitcoins : Part 3 : Final

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In today's blog post we will look at the following remaining points:
  1. Bitcoin Origin
  2. Advantages
  3. Disadvantages
  4. Books related to it..
  5. Future
  6. Assignment code : fun factor :)
  7. Conclusion

You may wonder why the above list is beginning from "4", this is because we have covered the points: 1,2,3 previously... you can view them here and here too :) 
so without further ado, let's begin ....

Bitcoin Origin


When ever the word bitcoin comes into my mind, I used to think of the golden foil wrapped coin chocolates, but fortunately or unfortunately that used not to be the case.
Actually One fine morning/evening/or on some other time of the day (2008), a person code named; Satoshi Nakamoto (People over the Internet are saying they don't know who is Satoshi Nakamoto, whether a person or some company.) published a paper naming :  A Peer-to-Peer Electronic Cash System. I hope you have read that as I have attached the link to this paper in the previous post, if you haven't read that, then no problem. Well, in that paper of 9 pages, the author explained the need for bitcoin, how the transaction done using it, what's the algorithmic approach/ calculations, etc. 
In January 2009 Satoshi Nakamoto mined the first bitcoin. "Mining of Bitcoin" is like producing them. What bitcoin miners do is that they have a horse power computer network, these computers run different problems, they solve those complex problems whenever the computer succeeded in solving that particular problem the bitcoin is mined and that bitcoin is added into the network of block-chain. 
You can buy and sell bitcoins over an Internet, Only in a digital world, but you won't be able to touch the bitcoin. You can keep them in your digital wallet. 
So this is how bitcoin came into existence.. Now let's have a look at some of the advantages of this digital currency.

Advantages

There are several advantages of switching to bitcoin, some of them are:
  • No central authority to have a hold on it, as it's a peer to peer network.
  • No transaction cut-offs.
  • Portable.
  • Least chances of being stolen.
  • No need to have them in bank.
  • and so on..

Disadvantages

Along with many benefits, there are some disadvantages too..

  • As there is no central authority to control the transactions etc, so this might help people to achieve their negative benefits without any obstacle.
  • Huge power supply is required to solve complex problems, or to mine the bitcoin.
  • No currency in physical form then what about banks, their employees etc..
  • No currency in physical form means no money in the Gulak(Penny Bank), pocket or physical wallet...

Books related to it..

Some of the books related to block-chain and bitcoin are:

Future

Honestly speaking, I have no idea what will happen in the future. There are many possibilities with dissimilar probabilities, so bitcoin might be the only money in the future, or we might have something else.

What so ever we may have, may the peace and prosperity prevail.. 

Assignment code : fun factor :)

Now this is the time to share my group-assignment code with you people, as that assignment of web engineering has already been marked so I can share it with no fears.. this code is in Angular JS, you can view and download it from github, the link to which is this.

Output looks like:

Conclusion

So this is all about bitcoin, at my end for the time being. I tried to explain it well, If there is any mistake then let me know, and try to learn some more on this topic by Googling it. Keep learning, enjoy learning something new, keep applying your learning in something productive + positive and stay updated... 

 Thank you Maheen Jamil for recommending this topic :)

Feel free to recommend the technology related topic in the comment section below.


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