Bitcoin

Bitcoin

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Bitcoin Price Chart (BTC/USD) Live

What is Bitcoin?

About Bitcoin

The world’s first cryptocurrency, Bitcoin is stored and exchanged securely on the internet through a digital ledger known as a blockchain. Bitcoins are divisible into smaller units known as satoshis — each satoshi is worth 0.00000001 bitcoin.

Bitcoin was created by Satoshi Nakamoto, a pseudonymous person or team who outlined the technology in a (Bitcoin PDF - 2008 white paper) It’s an appealingly simple concept: bitcoin is digital money that allows for secure peer-to-peer transactions on the internet. The world’s first widely-adopted cryptocurrency. With Bitcoin, people can securely and directly send each other digital money on the internet.

Every transaction involving Bitcoin is tracked on the blockchain, which is similar to a bank’s ledger, or log of customers’ funds going in and out of the bank. In simple terms, it’s a record of every transaction ever made using bitcoin.

Unlike a bank’s ledger, the Bitcoin blockchain is distributed across the entire network. No company, country, or third party is in control of it; and anyone can become part of that network.

Bitcoin

Block reward

6.25

Block time

10 minutes

Circulating supply

18,925,000

Supply limit

21,000,000

CodeBTC, XBT

Exchange rateFloating

White paper"Bitcoin: A Peer-to-Peer Electronic Cash System"

Hash functionSHA-256 (two rounds)

SymbolsBTC, ฿, ₿

How can I get Bitcoin?

The easiest way to buy Bitcoin is to purchase it through an online exchange.

What is BTC?

Bitcoin creation, thousands of new crypto currencies have been launched, but bitcoin (abbreviated as BTC) remains the largest by market capitalization and trading volume.

What is the purpose of bitcoin?

Bitcoin was created as a way for people to send money over the internet. The digital currency was intended to provide an alternative payment system that would operate free of central control but otherwise be used just like traditional currencies.

Bitcoin Use - There are 3 options:

1.      You can can use it to pay for goods or services.

2.      You can trade it, either trading bitcoin for fiat currencies (AUD, USD, etc.) or other cryptocurrencies.

You can hold onto it

Bitcoin Investment

Bitcoin has a short investing history filled with very volatile prices. Whether it is a good investment depends on your financial profile, investing portfolio, risk tolerance, and investing goals. You should always consult a financial professional for advice before investing in crypto currency to ensure it is right for your circumstances

Bitcoin Innovation

Bitcoin is virtually ‘mined’ by a vast, decentralized (also referred to as ‘peer-to-peer’) network of computers that are constantly verifying and securing the accuracy of the blockchain. Every single bitcoin transaction is reflected on that ledger, with new information periodically gathered together in a “block,” which is added to all the blocks that came before.

How does Bitcoin work?

Bitcoin was created by Satoshi Nakamoto, a pseudonymous person or team who outlined the technology in a 2008 white paper. It’s a simple concept: bitcoin is digital money that allows for secure peer-to-peer transactions on the Internet. The invention of Bitcoin was a breakthrough in cryptography. Bitcoin’s key innovation was the blockchain — a piece of software that acts like a ledger, logging every transaction ever made using bitcoin. Unlike a bank’s ledger, the Bitcoin blockchain is distributed and verified across a network of computers. No company, country, or third party is in control of it. And anyone can become part of that network.

Bitcoin is based on encryption, making it extremely secure and universally accessible. Creating a “bank account” on the global Bitcoin network generates an extremely long  password a.k.a. a “private key” that is impossible for anyone else to guess. Anyone, anywhere with Internet access can receive, send, and hold Bitcoin using the public version of their key (i.e. the version of their private key that can be freely shared in order to securely receive funds).

There will only ever be 21 million BTC. Bitcoin is digital money that cannot be inflated or manipulated by any individual, company, government, or central bank. Bitcoin is highly divisible. You can hold, send, or receive fractions of a BTC. The smallest unit, i.e. 0.000 000 01 BTC, is called a “satoshi” or “sat.” As bitcoin’s value has risen, its easy divisibility has become a key attribute.

How does Bitcoin have value? 

Bitcoin’s value is inspired by properties such as:

A fixed and predictable monetary supply. Unlike fiat currency  (government-backed money), new Bitcoin cannot be created suddenly or by the trillions by any elected or unelected official. There will only ever be 21 million Bitcoin. Bitcoin operates by open-source code and is globally transparent, unlike fiat currency. At any time, anyone can independently verify the total Bitcoin supply and its underlying code, as well as the balances of each account on the global ledger.

Bitcoin is secured by cutting-edge encryption, and is backed by immense amounts of energy. If an individual or organization were to try to undermine Bitcoin’s core encryption, it would require impossible amounts of energy, specialized computers, and space. Bitcoin is the most secure computing network in the world. Unlike traditional bank accounts, anyone, anywhere can connect to the Bitcoin network. Bitcoin is an uncensorable and global network for transacting value.

So long as the above properties are useful to people across the world, Bitcoin will have value.

Bitcoin Buy and Sell Marketplace

Secure online platform for buying, selling, transferring, and storing crypto currency

Website

https://www.coinbase.com/              

https://www.global.bittrex.com/      

https://www.blockchain.com/ 

Bitcoin Mining Marketplace

Bitcoin mining is the process by which Bitcoin transactions are validated digitally on the Bitcoin network and added to the blockchain ledger. Bitcoin miners receive bitcoin as a reward for completing "blocks" of verified transactions.

By mining, you can earn cryptocurrency without having to put down money for it. It is done by solving complex cryptographic hash puzzles to verify blocks of transactions that are updated on the decentralized blockchain ledger.

Inherent in the bitcoin software is a hard limit of 21 million coins. There will never be more than that in existence. The total number of coins will be in circulation by 2140. Roughly every four years the software makes it twice as hard to mine bitcoin by reducing the size of the rewards.

When bitcoin was first launched it was possible to almost instantaneously mine a coin using even a basic computer. Now it requires rooms full of powerful equipment, often high-end graphics cards that are adept at crunching through the calculations, which when combined with a volatile bitcoin price can sometimes make mining more expensive than it is worth. 

Miners also choose which transactions to bundle into a block, so fees of a varying amount are added by the sender as an incentive. Once all coins have been mined, these fees will continue as an incentive for mining to continue. This is needed as it provides the infrastructure of the Bitcoin network.

Are bitcoins safe use to everyone?

The cryptography behind bitcoin is based on the SHA-256 algorithm designed by the US National Security Agency. Cracking this is, for all intents and purposes, impossible as there are more possible private keys that would have to be tested (2256) than there are atoms in the universe (estimated to be somewhere between 1078 to 1082).

There have been several high profile cases of bitcoin exchanges being hacked and funds being stolen, but these services invariably stored the digital currency on behalf of customers. What was hacked in these cases was the website and not the bitcoin network.

In theory if an attacker could control more than half of all the bitcoin nodes in existence then they could create a consensus that they owned all bitcoin, and embed that into the blockchain. But as the number of nodes grows this becomes less practical.

A realistic problem is that bitcoin operates without any central authority. Because of this, anyone making an error with a transaction on their wallet has no recourse. If you accidentally send bitcoins to the wrong person or lose your password there is nobody to turn to.

Of course, the eventual arrival of practical quantum computing could break it all. Much cryptography relies on mathematical calculations that are extremely hard for current computers to do, but quantum computers work very differently and may be able to execute them in a fraction of a second.

 


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