What is Bitcoin? How to Earn Bitcoin?

What is Bitcoin?
What is Bitcoin?

Bitcoin It was announced in 2008 by Japanese lady Satoshi Nakamoto. It was put into use in the first days of 2009. Published as Satoshi Nakamoto scientific paper, this new currency
Its basic principles were published under the title “Bitcoin: The Peer-to-Peer Electronic Cash System”. This form of money, which is decentralized, independent of the control of an institution, person or government, and against tertiary interventions, soon became the apple of the eye of the whole world and went down in history as the first form of virtual money used by humanity.

Introduced as the first successful cryptocurrency, Bitcoin is also the “1st It is also called as “Generation Blockchain”. Bitcoin, which brings solutions to the problems in today's financial system due to its distributed structure, is also highly appreciated for the privacy it provides to its users.

bitcoin According to the data we obtained from the website, the total number of Bitcoins that can be produced, namely the supply, is limited to 21 million BTC. To date, more than 21% of 81 million BTC has been produced. Due to the structure of Bitcoin determined by mathematical calculations and codes, the process of producing the remaining few million BTC is expected to take until 2140. As of the first quarter of 2021, approximately 19 million BTC of the total BTCs that can be produced are in circulation. The production process of the remaining 2 million BTC will take approximately 120 years.

Bitcoin Privacy

Transactions with Bitcoin take place between addresses of wallets, which are a mixture of numbers and letters. Money transfers made by these addresses can be viewed very transparently, but unless the person discloses their own wallet, it is impossible to know who this wallet address belongs to. This is the basic principle that creates both security and privacy. That is, all bitcoin users can follow or view transparently all transactions carried out on the network, while providing partial anonymity.

What is Altcoin?

After the first successful cryptocurrency Bitcoin, thousands of different types of cryptocurrencies were developed. There are over 6.600 different cryptocurrencies currently active. Cryptocurrencies other than Bitcoin are abbreviated as alternative and coin. altcoin is expressed as.

Alternative cryptocurrencies are being developed to bring solutions to very different problems. Many different crypto money projects are operating today, offering solutions in many different fields from education to health, from transportation to telecommunications.

What is Bitcoin Mining?

The process of creating new Bitcoins is based on a mathematical system. In this way, the Bitcoin network, which is not under the control of any person or institution, can continue to exist. The Bitcoin network is critical to the survival of Bitcoin. Let's take a closer look at the mining process in Bitcoin:

Bitcoin mining is based on decrypting cryptographic passwords. A new block is generated every 10 minutes, and the first person to crack the cryptography cipher every 10 minutes is awarded the block reward. In this way, both new Bitcoins are produced, the security of the network is ensured, and the transactions on the network are recorded simultaneously by thousands or even millions of devices.

What Advantages Does Bitcoin Provide?

The most widely used criticisms of Bitcoin today are on money laundering and terrorist financing. But before Bitcoin, which has a history of only 12 years, how was money laundered? Today, when giant institutions of hundreds of years are trying to hit Bitcoin in this way, we are witnessing billions of dollars of money laundering news.

The reason why Bitcoin is so criticized by global giants is not money laundering and terrorist financing concerns, but the advantages it provides. Bitcoin has many advantages that today's traditional financial system cannot or does not want to provide.

Its inflation-proof structure, simplicity and security, the privacy feature it provides to its users, and its transparency are among the most important advantages of Bitcoin.

With Bitcoin, money transfers can be made much safer, faster and cheaper. Today, we may have to pay a transaction fee of $ 100 when sending $ 20 with Western Union, but it is possible to transfer millions of dollars with Bitcoin for a few cents.

However, you can access your Bitcoins from anywhere, you just need to know your private key. Compared to gold or the dollar, Bitcoin can be transferred very easily. On the other hand, your money transfer transactions cannot be controlled by governments or banks.

Bitcoin Who Controls?

Bitcoin works regardless of a person or institution. On the other hand, there are no assets in which the price of Bitcoin is fixed. Bitcoin has been the best performing asset of the last 10 years as a mathematically generated currency that derives its value from its limited supply. At this point, Bitcoin provides a solution to the problems needed in the traditional financial system: money printed for free and the resulting high inflation.

Bitcoin is managed in a distributed manner by miners who voluntarily contribute to the network. As a result of these efforts, miners are rewarded with BTC by the Bitcoin network. Today, the Bitcoin network operates in a decentralized and distributed manner, thanks to Bitcoin miners around the world. The more miners contribute to the Bitcoin network, the more secure it becomes.

How to Buy Bitcoin

Today, many methods can be preferred to buy Bitcoin. We will talk about them in this part of our article. The methods you can choose to buy Bitcoin are as follows:

– Buying BTC through cryptocurrency exchanges
– Buying BTC via P2P
– Buying BTC via cryptocurrency ATMs

Armin

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