Hello Guys,

we all know bitcoin is permissionless, it does not control by any government, and nobody has any authority. it is free to use by everybody.

How new bitcoins are created ???

Like Our Regular currency like us dollar, the Indian rupee government needs to print money. but coming to Cryptocurrency bitcoin, whenever there is a transaction that happened it takes a max of 10 min to get the transaction approved. In that 10 mins, we have to prove the transaction is right, which means it follows some consensus rules. it must obey proof of work, these all process gets done by miners. In that 10 mins, miners use their computers with a lot of electrical energy. Many people compete to create new bitcoins. if there are more competitors, there are very hard to solve the mathematical problem. It all have a timer 10 mins to solve the transaction. who has solved the block of transactions will get reward and they will be approved with some hash value to the block. so in this way miner got a reward and new bitcoins was created.

Bitcoin Wallet Contains Bitcoin?

Everybody thinks the bitcoin wallet contains bitcoin, but not Bitcoin wallet contains keys, coins are stored in the blockchain network. Users control their coins in the network by signing the transaction with keys they stored in their wallets. The keys may be private/public keys. With that keys only they have the authority to say the coins belong to me, the transaction is done by me. they have to store very safely.

How bitcoin Transactions are different from bank transactions?

if you have your money in the bank, the bank is responsible for your money. You have to trust the bank. we know bitcoin is trustless, there is no central authority. In bitcoin, we have to trust the network. Bank transactions are reversible, Bitcoin transactions are irreversible. Doing bank transactions it takes a lot of time and consuming and is expensive. if you are doing an International bank transaction it takes a lot of time to reach the money to another person's bank account. using Bitcoin payments we need the address of that person, it takes 10 mins to get the transaction done. there is a very less transaction fee and fast while doing a bitcoin transaction as compared to a bank transaction.