As for the existence of an alternative digital currency for bitcoin, it is easy to find that, such as the presence of Ethereum, which is currently spread, and whose price has reached $ 250.
Bitcoin currency limits
Bitcoin is a limited currency based on special software for exploration of only 21 million units, in 2024 AD 20 million units will be completed, i.e. mining 3744012 units in the next seven years, and the rest, a million units, will be completed in 2140 AD, for a period of 116 years.
This means that the value of bitcoin in the coming years will increase significantly, as the unit value may reach from $ 10,000 to $ 20,000 and by the end of 2140; the unit price may reach $ 100,000 per unit.
Mining or digging for Bitcoin digital currency
It is the process of converting the encrypted text into readable text or converting the encrypted information into readable texts and each currency block is equal to 12.50 BTC as it is distributed to each subscriber according to the speed of its mining, and as for the way the bitcoin works, it is not considered a special process but is available to all, it is a network with a chain Block called block chain.
As for the role of the Block chain network, it has a great role in organizing the transactions of its customers on the Internet, it is based on a series of blocks that help in storing the information of each digital portfolio and knowing its own account, and no account can be found, because of the network’s insurance of the accounts it does By making a private key whenever an amount of bitcoin is spent and it is called a Transaction and it has a private key called Private Key through this key you can withdraw the amount from your own account, while the Transaction process is a process that runs in serial blocks with an encrypted signature called Signature through which the signatures can be matched and seen and not Anyone can piss Y, knowing your private key and stealing your data or accounts except by you. As for Block Chain, it is a wonderful and accurate network that does not allow any suspicious operations. On the other hand, anyone can open a Bitcoin account without having to provide any evidence with bitcoin era app.
For example: When a person sends a Bitcoin amount to two individuals at the same time and is called on the network by the process of double spending or Double spending, the network explores the credibility of the two operations and which process is correct and confirmed and rejected the wrong transaction so it is necessary to wait for the confirmation of the network and give its order that the amount is not refundable or Confirmation.
But previous to the Confirmation of the conversion process, you must be aware of some special information so that no error or reversal of transactions occurs, the most important of which are:
- When you receive an amount from $ 1 to $ 500, you should wait for 3 Confirmations for the amount.
- If the amount is from $ 500 to $ 200, the amount must receive 6 assurances or (6 Confirmations) for the amount.
- In the case of large amounts from $ 2000 to $ 10,000, you must wait 12 times a confirmation of the amount (12 Confirmations).
The ability to hack Bitcoin
As we have already indicated, Bitcoin and its dealings go through a series of very strict and firm agreements that are placed inside blocks and have secret numbers, besides that the agreements agreed upon are known to all Bitcoin users, this does not mean that no one can change the laws and adopt this idea and that is about The path of agreement with every person, and this in itself is very difficult and this is not desirable, because each one sees that the rules of bitcoin, in general, are good and safe, so why does he have to change them and expose all his accounts to risks that he does not need.