The document explains the origins and functioning of Bitcoin as a cryptocurrency, which emerged due to the failures of fiat currency. It details how Bitcoin is generated through mining, the role of miners in verifying transactions in blocks, and how the blockchain serves as a secure public ledger. The text also highlights the halving of Bitcoin rewards and the decentralized nature of the technology that prevents data tampering.

1. Bitcoin Technology
Before discussing any thing let me have opportunity to tell you that the
concept of Cryptocurrency came into existence when the fiat currency
failed to meet the requirement of citizens.
The cryptocurrency specially Bitcoin the most popular hidden currency gets
the strength because of existence of Internet. We may say that Bitcoin is an
Internet currency. We call bitcoin as currency because it works like a real
currency for the exchange of honour ship of assets in the form of goods,
services & contracts in tangible or intangible form.
Blockchain Technology
It is Bitcoin which brought Blockchain to emerge as a most reliable , fraud
resistant, efficient, irreversible, cost effective and faster technology for the
verification of transactions. Let me tell you how first Bitcoin comes into this
world , I mean how it gets generated first time. Satoshi Nakamoto is
supposed to be the person in Japan who invented the idea to generate a
digital code to be used to exchange the assets from one person to other.
Since this code has no physical form it is also called as cryptocurrency.
Currency in the sense, it can be used to measure the value of goods or
services for the exchange. Initially Satoshi Nakamoto generated 50 Bitcoins
from a mathematical calculation with Hashbased algorithm SHA256. This
was called as Genesis Mining. Satoshi Nakamoto fixed a total 21 million of
Bitcoin which would be mined till year 2140.
People may be confused with the term of Miner in context of Bitcoin. Here
Mining means the generation of Bitcoin which is accomplished by completion
of some job given to the miners. Now you may think what job is given to the
miners. Let me first tell you about Miner and the job it completes. When
one sends bitcoin to other person two records are generated having

2. information of Bitcoin with a Private Keys and a Transaction Id. Many such
transactions when grouped together is called a Block. Such blocks are then
sent to the Miners for verification of transaction. Miners are nothing but a
chain of machines along with inbuilt software to authenticates the
transactions in the Block as per set protocol and consensus. The process of
verification of transaction may trace back to the Genesis Mining. After
verification of entire Block the transactions are recorded in an open
ledger which can be viewed by any one in the Network. List of such records
are also called as Public Ledger, however private information is not
accessible to protect the Privacy. One such block is released in every 10
Minutes and the miner which first authenticate the block gets 12.5 Bitcoin
as the reward for the authentication of the transactions. The total Bitcoin
which may be mined is 1800 in a day. From Year 2008-2012 this reward was
of 50 Bitcoins. The reward was halved to 25 in year 2012 for further 4 years
and in year 2016 it was again halved to 12.5 Bitcoin till year 2020.
One block comes out every 10 minutes and reach to few nearest Full Nodes
from where it is forwarded to 8-10 nearest nodes which further transmit to
other nearest 8-10 Nodes and so on. Within few seconds the blocks reaches
to all the full nodes for verification. It is now interesting to note that that
the data is not stored with any central Server rather it is recorded with
thousands of Nodes which protects any possibility of tempering of data in
thousand of Nodes.
Each subsequent block strengthens the verification of the previous blocks,
making it impossible to double spend bitcoin transactions The sequence of
such blocks are linked together with a verifiable code and is called as
Blockchain or Public Ledger.
Hope you must be having a basic knowledge of Blockchain Technology
working for Bitcoin. However you may reach to me anytime for your any
query...
In next Blog I would Explain the various Technical Terms used in Blockchain
technology.
Ravi Verma
+91-9559773388, 9415044714
Email: sunskie2013@gmail.com
Skype: rpverma