Why bitcoin become a famous cryptocurrency?
Bitcoin is one of the types of electronic cash system which acts as a peer-to-peer network which is the highest of all cryptocurrencies. It is best defined and the world’s first cryptocurrency. This system does not have any centralized administrator or controlling authority. Without any central authority, the payment system allows the user to send or receive the digital currency in a secure way.
Bitcoin is not in the form of normal currency, it is in the form of digital currency where the transactions stored in the bitcoin network. Bitcoin network uses blockchain technology which is a public ledger to store all the transactions processed from the beginning. It is not run by any central whereas it is controlled by a distributed network that spread all over the world. Banks and financial institutions are not responsible for bitcoin transactions. Micro transactions also available in the bitcoin transaction but there is no micro transaction in the normal currencies like the dollar.
In earlier days, it is easy to mine the cryptocurrency with the personal computer is easy to earn bitcoin price. Nowadays whatever you are mining whether it maybe bitcoin, litecoin or any other cryptocurrencies to earn bitcoin price you just need a piece of hardware which is ASIC miner. Neither it is not desktop PC nor the graphics card, it is something different. These miner chips are specially designed to motherboards and power supplies, connected into a single unit. The integrated circuit hardware is purposely developed right down to the chip level. It’s designed for singular purpose, ranges from audio process to the phone call.