The phenomenon of the emergence of Bitcoin and its rapid development, making many curious internet users, what it really is.
Many questions asked by users about Bitcoin by using various search engines. Here are the ten most popular.
-Bitcoin is a cryptocurrency, or a kind of digital currency, launched in 2009 by anonymously under the pseudonym of Satoshi Nakamoto.
With blockchain-based technology combined with encryption, Bitcoin offers a way to transmit peer-to-peer digital money safely, even without government oversight or regulators.
-Bitcoin can be bought using a conventional currency, such as dollars. In addition, Bitcoin can also be purchased using other cryptoes such as Ethereal or Litecoin. To make this possible, some sites also provide Bitcoin services.
-The most common place to buy Bitcoin is through an online exchange system. Even so, each site has a different level of trust and security, plus many hackers are eyeing Bitcoin.
Therefore, it is important to look for sites governed by the rules. For example, in the United States, Coinbase is one of the most trusted options.
-Many other Bitcoin and Crypto buyers believe that this technology can revolutionize the world's financial sector and shake conventional currency. They see Bitcoin as an asset similar to gold, holding its long-term and long-term sales strategy.
The principle is often referred to as HODL (survive for life). To implement it, simply transfer the asset to the Bitcoin wallet to keep it safe until it is decided to use it or sell it.
-Bitcoin works by recording every transaction that takes place inside its network, so rogue players can not alter or delete data.
Each Bitcoin user has encrypted code useful as an account number or address to make transactions. All activities will be validated and put into blockchain through a process called 'mining'.
-Mining is the mechanism for issuing new Bitcoin, which is also a way for transactions to be validated and acceptable. This mining requires the solving of complicated cryptographic puzzle computing problems.
Users who successfully complete the puzzle will get 12.5 BTC incentives per block, and apply multiples.
-Bitcoin is an open system, so anyone is allowed to join as a miner.
Mine activity itself is not easy. Required hardware with qualified specifications to solve cryptographic puzzles using a microchip named ASIC or via a series of GPUs combined.
-Bitcoin only has up to 21 million BTC up to date, with an estimated 17 million of them already produced, or about 80% of the total inventory.
-On January 27, 2018, 1 BTC had a value of approximately USD 11,100 (USD 147 million), based on CoinDesk data.
-Bitcoin cash is the result of a split from the blockchain system used by Bitcoin, with the aim of increasing the number of transactions by adjusting to the blocks.
This is done to reduce transaction costs and confirmation time. This act can also be called a 'boycott' because it involves the Bitcoin community ideology
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