Inform yourself about Bitcoin.
Bitcoin has been there since 2009 with the inception of a foundation of free society and there has been many definition and explanation for Bitcoin, Let's us make it simple for you :).
- Innovative payment network.
- New kind of money, in form of first digital currency.
- Gold 2.0.
- Transactions are made with no middlemen – meaning, no banks.
- Low transaction fees and no need to give your real name.
- Bitcoin is Network and Protocol
- High level of security with privacy.
So basically Bitcoin is a first electronic cash and payment network. Bitcoin has a limit of 21 million of Bitcoin to be rewarded by 2140 years approx.
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- Digital public Ledger.
- Bitcoin transaction records are secured and unchangeable.
- It's growing as 'Completed' block are added.
- The blocks are added in a linear and chronological order.
"A blockchain ---- is a distributed database that maintains a continuously growing list of ordered records called blocks, secured from tampering and revision."
What is Satoshi in Bitcoin?
The Satoshi is currently the smallest unit of the Bitcoin currency recorded on the block chain. It is a one hundred millionth of a single bitcoin (0.00000001 BTC). The unit has been named in collective homage to the original creator of Bitcoin, SatoshiNakamoto.
Who Created Bitcoin?
Bitcoin has been created by the unknown name 'Satoshi Nakamoto', Still unknown. No one has known whether its a person or a group of people. He/they have been working on the Bitcoin project since 2007.
"Satoshi means clear thinking, quick witted, wise and Nakamoto mean 'central origin' or '(one who lives) in the middle"
Who control Bitcoin Network
Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by Bitcoin users around the world.
What is Bitcoin Protocol
Bitcoin is a protocol, where 21 million bitcoin will be rewarded by 2140 years approx. and Bitcoin protocol cannot be frozen, stopped and changed. However, to take down Bitcoin Network, a bad actor has to control a half of world's computing and electricity power and need to change all detail from the last transaction to the first transaction within 10 min max.
So in simple words, Bitcoin protocol cannot be hampered, hence Bitcoin can be used for finance, politics, security with every possible way to control the whole system with Bitcoin's backbone 'Blockchain'. 'Blockchain tells everything with exact information in real time.
Bitcoin is just a software which allow to send and receive bitcoin by using mobile/PC, anytime, anywhere in the world. Bitcoin can track easily with personal bitcoin address.
Who Uses Bitcoin?
In the 21st Century, most countries and companies like Microsoft, Dell, Shopify, etc. have already started using Bitcoin and Blockchain Technology even Alibaba mostly going to use Bitcoin and best developer, business and government still learning where Bitcoin can be fit to explore for good purpose.
Why use Bitcoin?
- Fast transaction
- Cheap to use
- Choose direct payment or middle man.
- Control of Money.
What is Bitcoin Mining?
Mining is the process of spending computing power to process a transaction, secure the network, and keep everyone in the system synchronised together. It has been designed to be fully decentralised with miners operating in all countries and no individual has control over the network.
Miner has to solve the mathematical puzzle in the system, confirm bitcoin transaction and write them in general ledger. Bitcoin miners are neither able to cheat by increasing reward nor process fraudulent transactions that could corrupt the Bitcoin network because all Bitcoin nodes would reject any block that contains invalid data as per the rules of the Bitcoin protocol. The network remains secure even if not all Bitcoin miners can be trusted.
Is Bitcoin Legal?
Bitcoin is legal and of interest to law enforcement agencies, tax authorities, and legal regulators. All of which are trying to understand how the cryptocurrency fits into existing frameworks.
What is Bitcoin Address?
A Bitcoin address is a single-use token, like e-mail addresses, you can send bitcoins to a person by sending bitcoins to one of their Bitcoin addresses. Bitcoin address can be created as much you can like you can create numbers of an e-mail address. Bitcoin Address is traceable.
How to store Bitcoin?
Bitcoin is stored in 'Bitcoin Wallet' and there is a various way to get Bitcoin Wallet. You can also create Bitcoin Wallet if you are a developer or enthusiastic person over the technology.
What you can buy with Bitcoin?
- Buying physical good with Bitcoin.
- Buying services with bitcoin.
- Online bitcoin marketplaces and auctions.
- Tipping, or donating bitcoin to a cause.
How you can spend bitcoin in various ways.
Is bitcoin safe and secure?
Bitcoin to remain secure, enough people should keep using reputed companies which run full node in their system because they perform the task of validating and relaying transactions. Bitcoin has a number of ways to secure bitcoin.
Advantage of Bitcoin
- Payment Freedom.
- Lower risk for Merchant.
- Security and control.
- Transparent and neutral.
What is Volatile in Bitcoin/
Price fluctuations in the Bitcoin spot rate on the Bitcoin exchanges are driven by many factors. Bitcoin prices have diverged massively between markets in Asia, revealing problems in the underlying banking and regulatory structures.
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How to earn money with Bitcoin?
- Do work for Bitcoins.
- Mine your own Bitcoins.
- Offer something for Bitcoins.
- Use various Bitcoin faucets.
- Boost your skills in new technology.
Why do Bitcoin has a value?
Bitcoins have value because they are used as a money. Bitcoin has the characteristics of money based on the properties of mathematics rather than relying on physical properties (like gold and silver) or trust in central authorities (like fiat currencies).
Can I start Business with Bitcoin
Yes, if you have money, where you need to buy hardware, after that download bitcoin software and solve the mathematical problem. Start mining and sell bitcoin to other in form of any exchange value.
Infographic Bitcoin Guide
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