Bitcoin

Bitcoin Now Rules the Title of the Most Expensive Network in the World

By Forexminute - Jonathan Millet | Bitcoin |

Bitcoin Now Rules the Title of the Most Expensive Network in the World
After emerging as the world’s most reliable online currency, Bitcoin has now added another feather to its wing by being the most expensive network in the world. The recent calculation reflected that the overall power of computers networked together to support Bitcoin systems has now succeeded the power of the fastest 500 supercomputers.

The Bitcoin utilizes peer-to-peer system network, i.e., a network which consists of thousands of computers that are connected together and generates a computing power of over 1,000 petaflops (a thousand trillion operations per second). Even the world’s largest supercomputer, Titan, generates a computing of power of less than 18 petaflops.

The need of having such a large network is because of the fact that many computers compute together to generate a Bitcoin by solving complex mathematical problems. Among many computers, one gets a Bitcoin only if it has solved the mathematical problems first.

The technique was invented by an anonymous pseudo developer Satoshi Nakamoto, which created an idea of a virtual currency that has no regulatory authorities over it. The Bitcoins, thus, are created every ten minutes by solving a very complex mathematical algorithm. Hence, the generation of Bitcoin is earned rather than printed. Today, now there exists over $1.4 billion worth Bitcoins already and is an active part in major transactions and investments.

About: Forexminute - Jonathan Millet

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Jonathan Millet is currently the proud CEO of ForexMinute.com, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it off...


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