Bitcoin

 Q1. What is device Hashrate (TH/S)?

A1. “TH/S” is the unit of BITCOIN mining machine for calculating “how much Bitcoin can be mined with your device”. More TH/S means more mining power.

Q2. How Bitcoin mining works?

A2. By solving a complex mathematical puzzle that is part of the Bitcoin program and including the answer in the block. The puzzle that needs solving is to find a number that, when combined with the data in the block and passed through a Hash function, produces a result that is within a certain range.

Q3. Bitcoin Price?

A3. 1 Bitcoin = 663135.37 Indian Rupees.

Q4. What is a Block on Blockchain?

A4. A Block records some or all of the most recent Bitcoin Transactions that have not yet entered any prior blocks. Thus, a Block is like a page of a ledger or Record Book. Each time a Block is “completed”, it gives way to the next Block in the Blockchain.

Q5. How Mining works?

A5. Miners on the network (sometimes referred to as Nodes, but not quite the same!) select Transactions from the Pools and form them into a Block. A Block is basically a collection of Transactions (at this moment in time, still unconfirmed Transactions), in addition to some extra Metadata.

Q6.Does Bitcoin use encryption?

A6. No, Bitcoin does not use encryption. It is called “Cryptocurrency” because its Digital Signature Algorithm uses the same mathematical Techniques that are used for a type of Encryption based on Elliptical curves. (In particular, Bitcoin uses the ECDSA Algorithm with Elliptic curve SECP256K1.

 

Q7. Are Bitcoin Transactions encrypted?

A7.A Transaction is a transfer of Bitcoin value, that is broadcast to the network and collected into Blocks. Transactions are not Encrypted, so it is possible to browse and view every Transaction ever collected into a Block. Once Transactions are buried under enough confirmations they can be considered irreversible.

Q8. Is Bitcoin an Algorithm?

A8. A significant element of Bitcoin that facilities its operation is the Bitcoin Algorithm for proof of Work Mining, which is known as Secure Hash Algorithm 256 (SHA-256). Proof of work mining is an essential component of the Bitcoin system that enables for the correct processing of Transactions on the Blockchain.