What You Need to Know About Bitcoin

What You Need to Know About Bitcoin
What You Need to Know About Bitcoin

After the 2008 crisis, the person or persons named Satoshi Nakamato published their technical articles on Bitcoin, an end-to-end electronic payment system. Thus, Bitcoin emerged as a decentralized, tertiary tamper-proof cryptocurrency. It came into use as a public network in 2009. After that BitcoinAs the first successful cryptocurrency, “1. generation blockchain.


Thanks to its distributed structure, it has risen against today's financial system in a very short time. While it is possible to track transactions entering the Bitcoin network, it is impossible to find out who made the transaction. Transactions approved on the Bitcoin Blockchain network are irreversible due to their chain structure and these transactions cannot be changed.

Since it cannot be regulated or controlled, the value of Bitcoin has increased from zero to thousands of dollars. After the rise of Bitcoin, many other cryptocurrencies have emerged. These currencies are called "alternative coin", in other words, "sub coin". While creating alternative crypto currencies, competitive advantage has been utilized by having different features at various points and new market types have emerged. Examples of these differences are the maximum amount of money that can be generated, algorithm, blockchain subtypes (private / shared, authorized / unauthorized consensus).

The maximum amount of Bitcoin that can be produced on the Bitcoin blockchain platform is 21 million units. Bitcoin provides end-to-end, address-to-address transfer, and the block generation time is approximately 10 minutes.

Bitcoin addresses are the identities of the users on the platform. They cannot be associated with the person making the transaction, and when the keys of these addresses are lost, no rights can be claimed on the addresses.

Source: https://www.bitay.com

What are the Advantages of Bitcoind?

There are many advantages to using Bitcoin as well as various risks. Its main advantages are low risk of inflation and collapse, simple, reliable and non-traceable * (anonymous). The fact that money transfers are safer, cheaper and faster than traditional methods is an important advantage of Bitcoin. You can reach your Bticoins worth millions of liras from wherever you can access your wallet. There is no way to carry such large amounts of money with cash or any other method that easily. The fact that the transactions made and your account balance are not known and controlled by any person / persons or the state and bank also provides some advantages.

What is the Source of Bitcoin?

Bitcoin is not affiliated with any state or central bank. As with traditional coins, there is no precious metal like gold in return. It is not a physical printed money value. Bitcoin is a system that is completely produced virtually and has a mathematical formula on its basis. This math formula is open to everyone and anyone can join this system. Every individual involved in the Bitcoin miner system strengthens the security of the system.

Is Bitcoin Safe?

Because Bitcoin is bound to a certain protocol, every transaction you make is encrypted from start to finish. All transactions on the encrypted chain are recorded. The system has no security gaps, except for user errors such as losing your wallet information or hacking your computer.

Thanks to the system that prevents the sale of bitcoin value twice, it is not allowed without your knowledge or fraudulent transmission.

The fact that it does not have a certain center and that all transactions must be approved by different computers makes the Bitcoin system secure.

How is Bitcoin's Value Determined?

Bitcoin price changes only according to the supply-demand relationship because the number of Bitcoins in circulation is limited.

The supply-demand balance is the mutual decision of the buyer and seller on the price of a certain product. The factor that determines the price of Bitcoin starts here, when people start buying Bitcoin - due to the limited amount of Bitcoin in circulation - its value starts to increase, and when they start selling it starts to decrease.

How to Accept Bitcoin Payments?

The easiest way to accept payments with Bitcoin is to transfer from person to person, ie from address to address. This method can be implemented through some smartphone apps.
However, there are commercial applications designed for this purpose only. These applications are based on QR code reading.

What is Altcoin?

They are cryptocurrencies produced as an alternative to Bitcoin.
• As Bitcoin is the 1st generation cryptocurrency, competition is fierce, but altcoins are less popular than Bitcoin.
• In alternative coins, the SHA-256 algorithm or Scrypt algorithm, which is generally used in Bitcoin, is used. Apart from that, there are also altcoins with different algorithms such as X11, X13, X15, NIST5.
• The first altcoin is Namecoin.

Why Did Altcoins Emerge?

It was created to make faster transaction approvals compared to Bitcoin and to improve the cryptocurrency world, to mobilize the digital money market, that is to increase the circulation volume.

What Are Popular Altcoins?

Digital coins gold Bitcoin, silver Litecoinif its oil Ethereum'Stop.

  • Litecoin: The transfer process is faster than Bitcoin.
  • Ripple: Ripple is both a payment network and a variant of cryptocurrency. Each trade takes 4 seconds. This process takes more than 2 minutes in Ethereum, more than an hour in Bitcoin, and days in traditional transactions. In addition, 1500 transactions per minute can be processed on Ripple.
  • Ethereum: It is a platform that allows software developers to create smart contracts. It is the crypto money with the highest market volume after Bitcoin. For ICOs, that is, for coins that collect preliminary demand before opening the stock market, donations and requests are mostly received with Ethereum.

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