"Bitcoin" A Digital currency
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.It’s the first example of a growing category of money known as cryptocurrency.
What makes it different from normal currencies?
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.It’s the first example of a growing category of money known as cryptocurrency.
What makes it different from normal currencies?
Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.
However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
Who created it?
A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
Who prints it?
No one. This currency isn’t physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules. Those banks can simply produce more money to cover the national debt, thus devaluing their currency.
Instead, bitcoin is created digitally, by a community of people that anyone can join. Bitcoins are ‘mined’, using computing power in a distributed network.
This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network.
So you can’t churn out unlimited bitcoins?
That’s right. The bitcoin protocol – the rules that make bitcoin work – say that only 21 million bitcoins can ever be created by miners. However, these coins can be divided into smaller parts (the smallest divisible amount is one hundred millionth of a bitcoin and is called a ‘Satoshi’, after the founder of bitcoin).
What is bitcoin based on?
Conventional currency has been based on gold or silver. Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back (although this didn’t actually work in practice). But bitcoin isn’t based on gold; it’s based on mathematics.
Around the world, people are using software programs that follow a mathematical formula to produce bitcoins. The mathematical formula is freely available, so that anyone can check it.
The software is also open source, meaning that anyone can look at it to make sure that it does what it is supposed to.
What are its characteristics?
Bitcoin has several important features that set it apart from government-backed currencies.
1. It's decentralized
The bitcoin network isn’t controlled by one central authority. Every machine that mines bitcoin and processes transactions makes up a part of the network, and the machines work together. That means that, in theory, one central authority can’t tinker with monetary policy and cause a meltdown – or simply decide to take people’s bitcoins away from them, as the Central European Bank decided to do in Cyprus in early 2013. And if some part of the network goes offline for some reason, the money keeps on flowing.
2. It's easy to set up
Conventional banks make you jump through hoops simply to open a bank account. Setting up merchant accounts for payment is another Kafkaesque task, beset by bureaucracy. However, you can set up a bitcoin address in seconds, no questions asked, and with no fees payable.
3. It's anonymous
Well, kind of. Users can hold multiple bitcoin addresses, and they aren’t linked to names, addresses, or other personally identifying information. However…
4. It's completely transparent
…bitcoin stores details of every single transaction that ever happened in the network in a huge version of a general ledger, called the blockchain. The blockchain tells all.
If you have a publicly used bitcoin address, anyone can tell how many bitcoins are stored at that address. They just don’t know that it’s yours.
There are measures that people can take to make their activities more opaque on the bitcoin network, though, such as not using the same bitcoin addresses consistently, and not transferring lots of bitcoin to a single address.
5. Transaction fees are miniscule
Your bank may charge you a £10 fee for international transfers. Bitcoin doesn’t.
6. It’s fast
You can send money anywhere and it will arrive minutes later, as soon as the bitcoin network processes the payment.
7. It’s non-repudiable
When your bitcoins are sent, there’s no getting them back, unless the recipient returns them to you. They’re gone forever.
So, bitcoin has a lot going for it, in theory. But how does it work, in practice? Read more to find out how bitcoins are mined, what happens when a bitcoin transaction occurs, and how the network keeps track of everything.
So let's start with simple and get a bitcoin wallet address in 5 minutes or less.
I use Coinbase which is my personal preference for my needs because Coinbase is essentially the PayPal of bitcoin and allows me to automate many site operations like paying instant commissions as well as buy and sell BTC. However, only U.S. account holders can become bank verified at this time meaning only U.S. members of Coinbase can buy and sell BTC through Coinbase. If you are interested in buying and selling bitcoin and are not in the U.S. I suggest googling "bitcoin exchange" to find an exchange that works with your country.
It is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function.
Bitcoin Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system.
Most popular post about BitcoinGet a Bitcoin Wallet Address In 5 Minutes Or Less!
Bitcoin is only as complicated as you make it. There is a lot to bitcoin that has taken me some time to understand myself and I am still far from knowing everything, but, I don't have to know everything and neither do you!So let's start with simple and get a bitcoin wallet address in 5 minutes or less.
I use Coinbase which is my personal preference for my needs because Coinbase is essentially the PayPal of bitcoin and allows me to automate many site operations like paying instant commissions as well as buy and sell BTC. However, only U.S. account holders can become bank verified at this time meaning only U.S. members of Coinbase can buy and sell BTC through Coinbase. If you are interested in buying and selling bitcoin and are not in the U.S. I suggest googling "bitcoin exchange" to find an exchange that works with your country.
Bitcoin Wallets (BTC Wallet)
Bitcoin Wallets are file which store your bitcoins. They work as a bitcoin app keeping and updating your bitcoins balance. So, if you want to have bitcoins you should have a BTC Wallet. There are a lot of bitcoin wallets working online and offline. Take a look in this link to know more about bitcoin wallets and to choose a BTC wallet for you: Bitcoin Wallets. In addition to, online banks started to provide wallets as their bank accounts or credit card accounts. Under these bank-wallets, trading online, hiring loan services, getting a personal insurance or any other affordable insurance becomes easier.Bitcoin Advantages
- Payment Freedom - No government or bank controls when you send or receive Bitcoins through the bitcoin payment system
- Controlled Fees - There is no fee to receive Bitcoins, and it's a much better price to send Bitcoin than to pay with PayPal or credit cards over traditional networks
- Lower Risk for Merchants - Bitcoin is secure, irreversible, and completely free of personal information
- Personal Security - It is impossible for a merchant to force a charge, and again, no personal information is attached to the payment
- Transparent and Neutral - Everything Bitcoin is verifiable by the community, and there is no opportunity for any individual organization to seize unfair control (see all of the information for yourself)
- Totally Digital - The Bitcoin Digital Currency is 100% logical. You can send bitcoins to the other side of world in minutes using a bitcoin app, for example. The same is valid for your BTC wallet. Keep all your bitcoins inside your smartphone through a bitcoin app.
- Valorized Bitcoin Price in USD (forex) - The recently BTC exchange rate is 1 BTC = 500.00~600.00 USD.
- Facilitates bank services for anyone - Loans, credit cards and credit services, auto insurance, personal insurance, trading online, providing auto quotes in bitcoin, etc.
- Popularizes Financial Interests - Making quotes, hiring a personal insurance, invest in cryptocurrency, trading online.
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How to Start Earning?
- You'll need a BTC wallet. It's a bitcoin app. A BTC wallet gives you an address to receive and store bitcoins.
- Create yours at blockchain.info. or
- Create An Bitcoin Wallet / Address Create Bitcoin Wallet Now which you can use without any extra fee.
- The most easy way to get coins is using a bitcoin faucet (other kind of bitcoin app). Bitcoin Faucet is a site which wins money showing ads. They get traffic offering free coins. You could use a bitcoin faucet list to find good faucets easier.
- How to get coins from faucets? Paste your bitcoin address in the bitcoin faucet text box, solve a Captcha and click in GET REWARD or CLAIM buttons.
- Your earnings may grow faster if you use a bitcoin faucet rotator.
- You can make investments, loans, trading online...
How to Make Bitcoins?
Mining is the process of adding transaction records to Bitcoin's public ledger of past transactions.It is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function.
Bitcoin Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system.
Where to Buy and Sell Bitcoin
| Exchange | About | Based | |
|---|---|---|---|
 | Coinbase operates one of the most popular wallets and is an simple way to buy bitcoin. $5 bonus on sign up. | USA | BUY BITCOIN |
 | Localbitcoins matches buyers and sellers online and in-person, locally worldwide. | Finland | BUY BITCOIN |
 | BitQuick claims to be one of the fastest ways you can buy bitcoin. | USA | BUY BITCOIN |
 | Xapo is Known for it's ease of use and bitcoin cold-storage vault. | USA | BUY BITCOIN |
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Currency-Cash is an automated e-currency exchange service. For regular customers we have a flexible bonus system. We provides Buy, Sell, and Exchange e-currency services with LIVE order tracking.
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