Everything you need to know about the Bitcoin

[DBronze98]

But the information you give is the information I have known before and this information I read it before joining Crypto. Bitcoin is a currency of the future, but it is also a weapon that can destroy the safety of the whole world.

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[p i e c e]

Thank you for this article, bro. I hope that everybody, even experienced traders found it useful. You can also watch this: https://www.youtube.com/watch?v=2X9eJF1nLiY&t=2s

[cabalism13]

Although you have done a good job, but still I don't think it's necessary to make all the fonts that BIG. It was already readable on its default fonts.
As you see, if you have a better information to share it doesn't matter if it's small as long as it is readable, so I suggest that you make it more simple.
Well Done, for this little introductory of BITCOIN.

[pusa aso]

Spend a little bit of time on the Internet and sitting here on the forum I can write a brief instruction on Bitcoin

The starting price of bitcoin, set in 2010, was less than one cent. On November 29, 2017, he crossed the mark of $ 11,000. The rapid rise in prices for it can be a soap bubble. Or the financial community's recognition that so-called cybercurrencies, digital forms of money, are beginning to gain momentum. It's time to determine what a bitcoin is and why it has become so popular.

1. What is a bitcoin?
It is a form of money that is unique in that it can not be held in hand. Most stores do not recognize it. It is not released or supported by the government. By its principle, bitcoin and its analogues are a set of program protocols for creating digital assets and for tracking transactions in a way that complicates the forgery or reuse of these notes. Bitcoin has value only when its users recognize and use it.

2. Where did the bitcoin system come from?
The initial software was released in 2008 by a person or a group of people who use the nickname of Satoshi Nakamoto. Several attempts were made to uncover a real person or group under this name, but none of them succeeded. Internet games have long been using virtual currency. The key idea of ​​the bitcoin is blockade - a publicly accessible, mostly anonymous online account that records bitcoin transactions.

3. How does it work?
Remember what happens when you make an online bank transfer. He checks if you need the money, calculates the amount from one place of a huge database on which the data of the accounts and their balances are stored, and counts them in another. You can see the result by going to your account, but the transaction is under control of the bank. You trust the bank to withdraw the required amount of money, and the bank, in turn, monitors that you will not be able to spend this money again. Blokchain is a database that performs these tracking functions, but without a bank or other central authority.

4. Who can create a cryptology (become a Miner)?
Everyone who has very high-speed computers, lots of electricity and a desire to solve puzzles. Transaction data in each data packet is encrypted by a formula that can be unlocked only by an incredible number of attempts and errors. The operators set up large-scale computing power for work and compete for those who first solve the cipher. If the maze's response is confirmed by others, the data is added to the chain of data blocks, and the maemer receives a newly created bitcoin.

5. How does the system prevent fraud?
Since each block contains data associated with the previous blocks, an attempt to spend the same bitcoin twice will mean the view of many links in the chain. In addition, by competing among themselves, the operators check each other's work.

6. Was the bitcoin used by drug traffickers?
So, when his initial goal was a certain anonymity. It has been used and continues to be used by sites that sell everything from weapons to drugs. In 2013, federal agents found and closed an anonymous e-commerce store with a turnover of $ 1.2 billion - Silk Road (Silk Road). However, soon his place was occupied by others. Joseph Stiglitz, winner of the Nobel Prize for Economics, recently said that bitcoin should be banned because it was designed to avoid regulation and "does not perform any socially useful function."

7. What has changed?
The bitcoin's reputation improved in part because of the fact that fewer large-scale thefts were recorded. And many technological and financial firms were interested in the blockade as an idea separate from the bitcoin.

8. What are the benefits of BlockChein?
Enthusiasts see it as a new way of doing business. Costs may be lower because there is no centralized agent that processes transactions tracking and charges. Banks and stock exchanges have invested heavily in the development of blockade technology, while retailers, such as Wolff, are experimenting with the use of blockers to ensure food safety. Central banks are even thinking about issuing official currency based on blockades. There were other forms of blockade, which often use their own cryptographic currencies to facilitate transactions. The most famous is Efirium, which is sometimes called the platform for so-called smart contracts.

9. What is the rise in the price of bitcoin?
New investors and expectations of other stakeholders, raised this year's price bitcoin by about 11 times. CME Group and other exchanges are planning to offer bitcoin futures contracts that can potentially expand the benefits of bitcoin. The fact that Bitcoin software guarantees its limited supply has given some investors fears about its loss. Coinbase bitcoin traffic has been overloaded two or three times on November 29, 2017, when new users were registered. New hedge funds are opened every week, targeting cryptology. Their number has already exceeded 100. Most of them invest part of their money in bitcoin.

10. Is this a bubble?
Maybe. Some people, especially James Damon, Chief Executive Officer of JPMorgan Chase, call bitcoin "fraud." However, its own bank holding is considering the possibility of providing customers with bitcoin futures. Billionaire Mike Novograts calls cryptology "the biggest bubble of our time," and at the same time launches a $ 500 million fund to invest in it.

yes because bitcoin is very very important and you will get deep information of bitcoin transaction......... and bitcoin  is useful your such a big heart because you want to help many people

[Raphagalthena2]

this information is so old now, i was read this articles for like 3 years ago and now you just copy and paste it.

[Deubila]

But the information you give is the information I have known before and this information I read it before joining Crypto. Bitcoin is a currency of the future, but it is also a weapon that can destroy the safety of the whole world.

The article may be old with someone who has read it but its value is still for newcomers to know the things in this financial market. The future of electronic money will be more advanced and bring value to the financial community as well as applications in the daily living of people. It is of the future of civilized riches.

[carlisle1]

Nice story telling thanks for this,but bitcoin was created in 2009 not 2010 so maybe theres some correction to be made

this information is so old now, i was read this articles for like 3 years ago and now you just copy and paste it.

really?can you provide the old thread mate?so we have proof of being copy paste.anyway i wasnt here three years ago so i dont have a chance seeing the same thread unless it has been re opened to discussion

[dobladonadouble]

I think Bitcoin isn't an air pocket, however the speculations with this instrument can bring down the cost or make it excessively costly. A great article, though. Very informative.

[MadisonWood1212]

Bitcoin (codenamed: BTC, XBT, BitcoinSign.svg) is a codeword, invented by Satoshi Nakamoto in open source software since 2009. Bitcoin can be exchanged directly with a connected device. Internet without the need of a financial intermediary. Bitcoin has a different approach than typical currencies: No central bank manages it and the system operates on a peer-to-peer Internet protocol. Bitcoin provisioning is automatic, limiting, scheduled to be based on algorithms. Bitcoins are provided to "Bitcoin" diggers to pay for Bitcoin transaction verification and to write them to the ledger scattered in the peer-to-peer network - known as the blockchain. This ledger uses Bitcoin as the accounting unit. Each bitcoin can be subdivided into 100 million smaller units called satoshi. In order to be accepted by the whole network, the new block must contain proof-of-work. Proof-of-work requires a peer to search for a nonce, which, when the contents of the block are hashed (cryptographic hash function) and nonce, produce a number that is smaller than the target number of the network. the higher the difficulty, the higher the difficulty). In other words: Proof-of-work is easy for computers to validate, but it's extremely time-consuming to create. The diggers must try many different nonce values before reaching the level of difficulty required by the network. Every 2016 blocks are generated (takes about 14 days), the difficulty is automatically refined by the network based on the capabilities of the entire network, with the goal of keeping the time between newly created blocks is 10 minutes. From March 2014 to March 2015, the average number of bees tested by the excavator before the creation of the new mass has increased from 16.4 billion to 200.5 billion billion.

[AndreaPhillips]

Privacy
Bitcoin is a semi-anonymous currency, meaning the amount is not associated with the entity in the rea world, but is associated with the Bitcoin address. Bitcoin address owners are not explicitly defined, but the back of the transaction is public. In addition, transactions can be linked to individuals or companies through transactional analysis (for example, if the transaction spends from multiple sources, the sources may be shared by the owner). and the combination of data coming from identified sources (Bitcoin trading platforms may be required to store user personal information). However, as with cash, it is relatively difficult to determine which Bitcoin addresses to associate with. For increased privacy, each transaction requires a new Bitcoin address.
The evolution of Bitcoin software
Bitcoin software is released as open source, ie anyone can view the source code and change it. When there is a new feature to include in Bitcoin, the software developer will issue a Bitcoin Improvement Proposals (BIP), which includes a pull request on Github. Users will vote on the features they agree to by downloading the Bitcoin version. Even if Satoshi proposed a change that the user did not want, they could choose not to download and run it. Bitcoin, as well as other open source projects, is a kind of unbridled democracy - a new way to dominate human online behavior. Each computer is a vote, and anyone can make a new law. Since Bitcoin is an evolutionary software, other codecs are hard to compete with.

[Leenkoranan]

I c this is what bitcoin is all about,came from and started when.,we should know what this bitcoin all about for better understanding,.we really appreciate this bitcoin came into our lifes and make us more better than our worst life before.,it helps us now in our financial problems,.so im glad to be one in this world of cryptocurrency.

[xuzukami]

I have nothing to say, but I know that something is quite important when you decide to trade or hold a BTC, which is always good security, hackers always stalking our account. So always put security on top.

[dioanna]

-snip-
10. Is this a bubble?
Maybe. Some people, especially James Damon, Chief Executive Officer of JPMorgan Chase, call bitcoin "fraud." However, its own bank holding is considering the possibility of providing customers with bitcoin futures. Billionaire Mike Novograts calls cryptology "the biggest bubble of our time," and at the same time launches a $ 500 million fund to invest in it.[/size]

What is this part doing here? I believe while you're providing information as good as the nine points above, all the negatives should be ignored as they surface out to be plots for an entity's own benefit. Bitcoin is here to stay and all the bubble accusations have already been proven wrong and focuses on keeping the level a notch above everything else.

i think its okay to input positive and negative sides , specially if this idea do exist.
its a healthy argument that leads to discussion and stating the facts to just speculations.

[shawn995]

Incredible data! This gives an appropriate definition about what Bitcoin is and how the crypto world function. It additionally clarifies the advantages and a few downsides about utilizing crypto. In any case, I think it is just a state of mind about crypto on the off chance that we can utilize this square chain innovation legitimately than it is an exceptionally incredible innovation like web. This will unquestionably be utilized as a part of the vast majority of the fields later on.

[Jrfranco]

this information is so old now, i was read this articles for like 3 years ago and now you just copy and paste it.

so funny that you read it 3 years ago yet your account rank is still newbie
if you find the information very basic because obviously its for the rookies and uninformed.

[MelissaAnderson11]

Bitcoin is the most common codec, first introduced, and most widely used in e-commerce. Businesses tend to want to pay by Bitcoin to minimize costs. By July 2018, Bitcoin's base currency was valued at more than $ 109 billion - the largest denomination of any money. The significant fluctuations in the value of each bitcoin have criticized Bitcoin's economic suitability as a currency. The built-in Bitcoin protocol is blockchain technology. All purchases and sales are updated on a peer-to-peer computer system, called a blockchain - a ledger that records the balance of each account and the history of all accounts. Join the previous transaction. So what is Blockchain:
Blockchain, the original name of a blockchain, is a hierarchical database that stores information in blocks of data that are interconnected by encryption and expands over time. Each information block contains information about the time it was created and linked to the previous block, including a time code and transaction data. The blockchain is designed to resist the change of data: Once the network has accepted the data, there is no way to change it.

[mensahkkofie]

The article was really helpful, it gives a good introduction of bitcoin that newbies can easily comprehend. Bitcoin is certainly the future currency of the world. The advantages of bitcoin is far greater than the dangers that it pose. The world of business transactions will  largely improve when bitcoin is fully accepted by  all people across the globe.

[frowsiter]

This is nicely arranged article mate and it will helpful for many newbies here. Even seniors too, good info.

Now coming back to the discussion mode here, I hate the people who keep saying that its anonymous and used by traffickers for their own use and ruining the regulatory system at all.

I guess during this process they completely forget that even fiat can be used for smuggling , trafficking and stuff like that so does that mean one should go and ban the fiat as well ? Come on man, bitcoin was created for ease of transaction. If bad people are ruining it then why good people has to suffer!

Referring to this point here :

6. Was the bitcoin used by drug traffickers?
So, when his initial goal was a certain anonymity. It has been used and continues to be used by sites that sell everything from weapons to drugs. In 2013, federal agents found and closed an anonymous e-commerce store with a turnover of $ 1.2 billion - Silk Road (Silk Road). However, soon his place was occupied by others. Joseph Stiglitz, winner of the Nobel Prize for Economics, recently said that bitcoin should be banned because it was designed to avoid regulation and "does not perform any socially useful function."

[Kingsingle]

The first thing you need to know is how to secure your coin safely in the hold time, many people do not care about it, until the hacked hackers start to regret and then late

[AliciaHenry12]

Transaction fees may apply to new transactions depending on network resources. In addition to transaction fees, diggers are also paid for creating blocks containing transaction logs. Every 10 minutes, a new volume is designed with the amount of Bitcoin allocated. The number of bitcoins awarded to each block depends on the network lifetime. In July 2016, 12.5 bitcoins were assigned to each new block. The inflation rate will be halved to 6.25 bitcoin in July 2020 and continue to fall by half in each of the four years until a total of 21 million bpd are released in 2140. In addition to digging bitcoins, users may obtain Bitcoin by exchanging Bitcoin for the sale of currency, goods, or other services. On October 5, 2009, Bitcoin's initial value was set on the trading floor, starting at the US $ 1, or 1,309.03 bitcoin (or 1 bitcoin = $ 0.00076). This value is calculated by the cost of electricity consumed by a computer consumed when digging out Bitcoin.
The Bitcoin development community had gradually lost contact with Satoshi since mid-2010 after he gave Gavin Andresen an alert when the Bitcoin network was hacked. This key can be used to alert the entire system to stop the transaction. This alarm key is then canceled to increase the bitcoin dispersion. So far, the exact identity of Satoshi Nakamoto is unknown. On October 22, 2010, Bitcoin was first used to buy merchandise - two pizza for 10,000 bucks, equivalent to $ 25 at that time.