Tech Savvy

As we know bitcoin was created to keep user information private. But as the time pass people discovered that bitcoin isn’t as anonymous as most of the user think. So, to improve Bitcoin anonymity, bitcoin mixer service is created. How this service works? Let’s take an example assume you want to make banana milk shake. For making milk shake, firstly you have to cut banana into small pieces and then put it into mixer and add some milk into it, next start the mixer after minute milkshake is ready. Now you can’t differentiate banana and milk. Similar happen in bitcoin mixer. Banana are your bitcoin and milk is other user’s bitcoin who uses bitcoin mixer and banana milkshake is the output of mixer, where you can’t differentiate your bitcoin and other user’s bitcoin. In short, Bitcoin mixing service breakdown your bitcoin into smaller, different parts. Next they mix them up with coin from other address is that third parties will find extremely difficu...

Bitcoin is not entirely anonymous. Each user has public address that can be tracked theoretically, through proper network analysis.       Bitcoin are stored in wallet and wallet have your personal data. When we transfer bitcoin, a message is broadcast In public about the transaction, we declare that bitcoin in been exchange so that miner can confirm our transaction and put it in the bitcoin blockchain network. This data is publicly broadcast and permanently stored on the bitcoin blockchain which has the address from where it came from and amount transfer. Using this hacker can reach to your wallet and get all personal detail, amount of bitcoin you have, and also have access to see your future transaction. To remain private though, this thing bitcoin mixing was introduced. How bitcoin mixer works? How it maintains our privacy? That will be explained in the next blog. Thanks for reading the content. If you like the content share it...

Now you know the concept of bitcoin? And if don’t? I recommend you to read our previous blog. Now let’s understand what is bitcoin mining and how the bitcoin is created? Bitcoin mining is the backbone of the Bitcoin Network.  Miner are the one which make the network secure and confirm bitcoin transaction. By mining, you can earn cryptocurrency without having to put down money for it. Bitcoin mining: It is a decentralized computational process that serves 2 purposes: 1.Confirmation transaction in trustful manner when enough computational power is devoted to block. 2.Creating a new bitcoin with adding each block.     Sound cool right just confirm the transaction and add a block of that transaction into the bitcoin blockchain. But it’s not that easy.   In order to earn a bitcoin for a miner from verifying the transaction two things have to occur.  Firstly, they must verify 1-megabyte (M.B) worth of transaction, which c...

Before we understand what, is bitcoin and how it works? We must know why bitcoin was created? Bitcoins is created to cut the middleman (Bank) from the transaction process. To understand this let’s take an example assume you want to send money to your friend who is in U.S. Now to send money it go through a bank in your country. Here now bank take fee for processing. Once the money reaches the bank in U.S. Now the friend’s bank will charge fee too. Now let assume it’s ok they take fee that’s not a problem. But bank store lots of personal data about their customer. Before the invention of Bitcoins. Many banks where been hacked during this period of time. Which is very dangerous for the people that use the bank because their privacy is at risk. So this how bitcoin was introduced. So, now let’s see what is Bitcoin? In laymen’s term: Bitcoin is a digital currency. That’s a concept that might be more complex than you realize , it isn’t simply an assigned value of money st...