Bitcoin (BTC) is a digital currency created in January 2009 — the first cryptocurrency. It follows the ideas set out in a whitepaper by Satoshi Nakamoto, whose real name and personality nobody knows to this day. It is a decentralized form of digital cash that eliminates the need for traditional intermediates like governments and banks to provide financial transaction.
All the bitcoins are kept on a public ledger, where everyone can openly follow all processes on the network. Bitcoin transactions are verified by a massive amount of computing power. BTC is not issued or backed by any bank or government of the world. Despite this digital currency is not a traditional payment means, Bitcoin is very popular and has triggered the launch of hundreds of other virtual currencies referred to as Altcoins.
How Does Bitcoin work?
Bitcoin works due to a system called “blockchain”. Each time a Bitcoin transaction is completed, the whole network is updated with new information, so it can be verified by users on the network. The transaction information on the network is encoded using cryptography, which keeps the transaction data secure and prevents anyone from tracking who it belongs to. Once validated, the transaction information is added to a chain of previously approved transactions.
What is Blockchain?
Bitcoin is powered by open-source code known as blockchain, creating a shared public ledger. Each transaction is named a “block” that is “chained” to the code, making a permanent record of each transaction.
Blockchain aspires to exclude mediators, such as banks and online marketplaces, when it is about trading with one another. The technology is not exclusive to Bitcoin or even the financial services industries. Its application is becoming more widespread and has been adopted by sectors such as pharmaceuticals, fashion, and even humanitarian agencies like the UN.
How is New Bitcoin Created?
New bitcoins are created thanks to “mining” and “miners”, who implement this work. Miners — or participants of the peer-to-peer platform (P2P) — independently confirm the transaction using high-speed computers, usually within 10 to 20 minutes. Miners are paid in bitcoin for their efforts. The first miner to solve a particular equation is rewarded with newly created Bitcoin. The maximum possible number of coins is 21 million.
How to Buy Bitcoin and Where?
Buying Bitcoin is not a difficult task. It is get-at-able both for experienced users and newbies. However, before purchasing BTC you should be aware about types of Bitcoin wallets, features and safety each of them. There are numerous ways and places to buy the first cryptocurrency:
• To buy Bitcoin with credit/debit card;
• To buy Bitcoin with PayPal;
• To buy Bitcoin with cash.
In this article How to Buy Bitcoin you can read about Bitcoin wallets and ways of buying Bitcoin in detail.
How to Get Bitcoin?
Bitcoin`s popularity provokes numerous ways and methods to get it. Today users can as buy the first cryptocurrency, as well as get it for free. The Internet offers such methods to get BTC for free: Bitcoin mining, work for Bitcoin, earning Bitcoin from trading, earn BTC by lending, earn free Bitcoin from faucets, earn BTC by helping people, play mobile or online games, write about cryptocurrency to earn Bitcoin.
You can learn from the article How to Get Bitcoin much useful information about how to get Bitcoin.
How to Invest in Bitcoin and Why?
Investing in Bitcoin is quite a serious process that requires much knowledge and efforts to achieve success. You must be aware about Bitcoin`s security, BTC wallets, perfect time and conditions for investing and trading, pitfalls of this sphere and useful tips. We have prepared for you the wide and informative article — How to Invest in Bitcoin, that will assist you to invest in Bitcoin wisely and profitably.
Will Bitcoin Double Every Year?
Bitcoin`s price has always been in the spotlight. And public wonders, will Bitcoin double every year or not? Many cryptocurrency experts express their opinions according this question. We offer you to read the article Will Bitcoin Double Every Year, related to this topic.
Bitcoin in the World
Although Bitcoin is not a fiat currency, BTC is well known all over the world and is actively used in most countries. But each government conducts its own policy regarding the virtual currency. Bitcoin represents danger to the traditional financial system, as a result many countries try to suppress BTC or make it more controlled. We are going to provide you with informative articles about the status of the first cryptocurrency in certain countries.
Bitcoin in the USA
In the USA Bitcoin is widely used not only by common citizens, but also by entrepreneurs. In the country authorities of distinct states regulate BTC in an individual way. Some states are more loyal to the first cryptocurrency, some are stricter. In general, it is easy enough to buy / purchase and use Bitcoin in the United States of America. In the article Bitcoin in the USA you can read about Bitcoin`s status in the USA in detail.
Bitcoin in India
Status of Bitcoin in India is in odd position. On the one hand it is legal, on the other — illegal. The government of India does its best to suppress BTC and minimize its usage among citizens. So, you have to put some efforts to have a deal with Bitcoin in India. Much information about Bitcoin`s status in the current country you can learn from our article Bitcoin in India.
Bitcoin in the United Kingdom of Great Britain
The Great Britain is one of leaders in the sphere of blockchain and cryptocurrencies, also it is one of the most favourable and convenient jurisdictions for running a cryptocurrency business. The UK openly supports startups, dealing with digital assets. Bitcoin in the country is legal and users can freely apply it for various purposes. BTC in the country has a status of “private money”. Much useful and interesting information related to this topic you can read in our article Bitcoin in the United Kingdom.