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<h2><span style="color:#d35400"><strong>What is bitcoin and how does it work</strong></span></h2>
<p>Bitcoin, the digital currency, has been all over the news for years.</p>
<p>But since it is entirely digital and not necessarily compatible with any existing fiat currency, it is not easy to understand for a newcomer.</p>
<p>Let's break down the basis of what exactly Bitcoin is, how it works, and its potential future in the global economy.</p>
<p>After the price of bitcoin rose against the dollar insanely, and many questions about bitcoin increased, such as how to obtain bitcoin, or is bitcoin a scam or real, what is the rule of bitcoin, the bitcoin site, and how to start in bitcoin.
</p>
<p></p>
<p>The excessive excitement of cryptocurrency is largely caused by the high demand for Bitcoin (Bitcoin).</p>
<p>Many people perceive bitcoin as a complete virtual account.</p>
<p>But in order to clearly understand or know what bitcoin is, and where bitcoin came from, you first need to understand the technical side of bitcoin and the history of its creation and emergence.</p>
<p>The most important detail that we will talk about:</p>
<p> Bitcoin explained in detail</p>
<p> What is bitcoin?</p>
<p> The truth about bitcoin</p>
<p> How to get Bitcoin</p>
<p> What is bitcoin and how do you collect it</p>
<p> When did Bitcoin appear?</p>
<p> Bitcoin risks</p>
<p> Bitcoin against the dollar</p>
<p> What is a bitcoin wallet?</p>
<p> Where does bitcoin come from?</p>
<p> Is bitcoin a scam?</p>
<p> Risks associated with investing in bitcoin</p>
<p> How does bitcoin work?</p>
<p> How do you earn money from bitcoin?</p>
<p>Bitcoin is a decentralized digital currency that was created in January 2009.</p>
<p>It follows the ideas outlined in a white paper by the mysterious and pseudonymous Satoshi Nakamoto.</p>
<p>The identity of the person or persons who created the technology remains a mystery.</p>
<p>Bitcoin promises lower transaction fees than traditional online payment mechanisms do, and unlike government-issued currencies, it is run by a decentralized authority.</p>
<p>Bitcoin is known as a type of cryptocurrency because it uses cryptography to keep it safe.</p>
<p>There are no physical bitcoins, just balances kept in a public ledger that is transparently accessible to everyone (although every record is encrypted).</p>
<p>All Bitcoin transactions are verified by a huge amount of computing power through a process known as "mining" to prevent errors.</p>
<p>Bitcoin is not issued or backed by any banks or governments, and an individual bitcoin is not valuable as a commodity.</p>
<p>Although it is not legal tender in most parts of the world, bitcoin is extremely popular and has led to the launch of hundreds of other cryptocurrencies, collectively referred to as altcoins.</p>
<p><strong>Bitcoin is usually abbreviated to BTC when trading.</strong></p>
<p>At the outset, it is worth knowing that bitcoin is a digital currency or a cryptocurrency, one of the most famous and most expensive cryptocurrencies in the world, without any doubt.</p>
<p>Compared to dollars, euros, rubles and hryvnias, it is not backed by a decentralized physical base.</p>
<p>Bitcoin price against the dollar</p>
<p><strong>Who invented Bitcoin?</strong></p>
<p>The invention or idea to create Bitcoin was given by Satoshi Nakamoto.</p>
<p>Officially, he is credited with the idea of a cryptocurrency based on calculus.</p>
<p>The digital origin of the currency guarantees decentralization - no one dictates the rules to the owners of the currency, bitcoin (bitcoin) is evenly distributed around the world, and each owner is a full participant in the system.</p>
<p>When did Bitcoin appear?</p>
<p>Bitcoin was created in 2009, by the mysterious Satoshi Nakamoto and is the largest cryptocurrency in the world by market capitalization.</p>
<p><strong>How is Bitcoin made?</strong></p>
<p>Unlike fiat currency, Bitcoin is not created, distributed, traded, and stored using a decentralized ledger system, known as the blockchain.</p>
<p>Bitcoin's history as a store of value has been turbulent; It has gone through several boom-bust cycles during its relatively short life.</p>
<p>As the first virtual currency to achieve widespread success and popularity, bitcoin has inspired a host of other cryptocurrencies in its wake.</p>
<p>How is bitcoin stored or kept?</p>
<p>Bitcoins are stored in a "digital wallet", which is either located in the cloud or on the user's computer.</p>
<p><strong>What is a bitcoin wallet?</strong></p>
<p>A wallet or a bitcoin wallet is a type of virtual bank account that allows users to send or receive bitcoins, pay for goods, or save their money.</p>
<p>Unlike bank accounts, bitcoin wallets are not insured by the FDIC.</p>
<p>Types of bitcoin wallet</p>
<p> The wallet is in the cloud: the servers have been hacked. The companies fled with the customers' bitcoins.</p>
<p> Wallet on the computer: you can delete it by mistake, viruses can destroy it.</p>
<p>Bitcoin is powered by the Bitcoin system, which is a collection of computers (also referred to as "nodes" or "miners") that all run Bitcoin code and store its own blockchain.</p>
<p>Figuratively speaking, a blockchain can be thought of as a collection of blocks.</p>
<p>In each block a set of transactions.</p>
<p>Since all computers running the blockchain have the same list of blocks and transactions and can see these new blocks transparently as they are filled with new bitcoin transactions, no one can cheat the system.</p>
<p>Anyone — whether or not they run a Bitcoin “node” — can see these transactions happen in real time.</p>
<p>To accomplish the nefarious act, the bad actor would need to power 51% of the computing power that makes up bitcoin.</p>
<p>Bitcoin has about 13,950 full nodes, as of mid-October 2021, and this number is growing, making such an attack completely unlikely.</p>
<p>But if an attack does occur, bitcoin miners — the people who participate in the bitcoin network with their computers — could potentially fork into a new blockchain, making the effort of the bad actor to achieve the attack a waste.</p>
<p>Balances of tokenized bitcoins are held using public and private "keys".</p>
<p><strong>What are the keys to holding bitcoins?</strong></p>
<p>They are long strings of numbers and letters linked through a mathematical encryption algorithm that generates them.</p>
<p> The public key (comparable to a bank account number) serves as the published address to the world to which others may send bitcoins.</p>
<p> The private key (comparable to an ATM PIN) is meant to be a guarded secret and is only used to authorize bitcoin transfers.</p>
<p>Bitcoin keys should not be confused with a bitcoin wallet, which is a physical or digital device that facilitates bitcoin trading and allows users to track ownership of coins.</p>
<p>The term “wallet” is a bit misleading because the decentralized nature of bitcoin means that it is not stored “in” a wallet, but rather distributed on the blockchain.</p>
<p><strong>What does bitcoin offer?</strong></p>
<p>Previously, national currencies were backed by gold and silver, and now - by GDP.</p>
<p>Theoretically, you can go to any bank in the country and exchange paper money for its equivalent in the form of gold bars and vice versa.</p>
<p><strong>While Bitcoin does not support anything, it is just math.</strong></p>
<p>During the creation of Bitcoin, the main idea was to create not an analogue of real money, but something like gold - which provides modern money.</p>
<p><strong>How is gold different from the dollar, ruble, zloty, euro and others?</strong></p>
<p>Obviously, the amount of gold is inherently limited.</p>
<p>It will not be possible to get more gold than there is.</p>
<p>And it will be very difficult to create it synthetically, and this process is unstable.</p>
<p>To extract gold from nature, you have to spend people's time.</p>
<p>As a result, 1 kg of the mined precious metal can be tied to the labor costs required to extract it, and can be used in the future as the equivalent of free labor, in other words, money.</p>
<p>Something similar is characteristic of bitcoin.</p>
<p>The number of cryptocurrencies is limited to 21 million coins.</p>
<p>When the total amount reaches this number, the subsequent emission will be stopped so that inflation does not occur.</p>
<p>Mining coins requires specific costs.</p>
<p>While it takes human labor to mine gold, it takes computer resources to get Bitcoin.</p>
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<span class="qa-a-item-when-data"><time itemprop="dateCreated" datetime="2022-12-09T18:56:13+0000" title="2022-12-09T18:56:13+0000">Dec 9, 2022</time></span>
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<h2><span style="color:#d35400"><strong>Bitcoin benefits in real life</strong></span></h2>
<p> The high level of cryptocurrency rate dynamics attracts investors who prefer highly volatile assets.</p>
<p> Bitcoin is just beginning to be used as a means of payment, but many forex brokers are keeping their fingers on the pulse and, in addition to currency pairs, have introduced tools such as BTCUSD.</p>
<p> Traders who previously dealt only with real money now have the opportunity to supplement their portfolio with a modern instrument.</p>
<p>As a result, several options for making money on cryptocurrency appeared:</p>
<p>Ways to make money from cryptocurrency</p>
<p>the acquisition of assets in order to wait for a significant increase in the exchange rate in relation to the real currency;</p>
<p> Buy / sell in the forex market and the price in the options market - as a result, it will be possible to make a profit when the price goes up and down; direct transactions of buying / selling bitcoin with constant
monitoring of the price.</p>
<p>The advantage of this digital currency is that to obtain it, you need much less physical resources than for the direct exchange of money.</p>
<p>As a result, the work of the performers is paid at the expense of the money received "for free".</p>
<p>Peer-to-peer technology</p>
<p>Bitcoin is one of the first digital currencies to use peer-to-peer (P2P) technology to facilitate instant payments.</p>
<p>Independent individuals and companies who own the governing computing power and participate in the Bitcoin network - Bitcoin "miners" - are responsible for processing transactions on the blockchain and are incentivized with rewards (new
Bitcoin release) and transaction fees paid in Bitcoin.</p>
<p>These miners can be seen as the decentralized authority that enforces the credibility of the Bitcoin network.</p>
<p>New bitcoins are issued to miners at a steady but periodically decreasing rate.</p>
<p>There are only 21 million bitcoins that can be mined in total.</p>
<p>As of October 2021, there are over 18.845 million bitcoins in existence and less than 2.155 million bitcoins left to mine.</p>
<p>In this way, Bitcoin and other cryptocurrencies operate differently from fiat currencies; In centralized banking systems, currency is created at a rate proportional to the growth of the economy; This system aims to maintain price
stability.</p>
<p>A decentralized system, such as Bitcoin, determines the issuance rate ahead of time and according to an algorithm.</p>
<h2><span style="color:#d35400"><strong>Where does bitcoin come from?</strong></span></h2>
<p>You can get cryptocurrency or get bitcoins in certain ways - mining, buying or exchanging for dollars and other real currencies, receiving bitcoins as a reward for the work done.</p>
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Login Remember * Register Latest Btc Q&A * Questions * Unanswered * Tags * Users * Ask a Question Ask a Question WHAT IS BITCOIN, HOW DOES IT WORK, WHEN DID IT APPEAR AND WHERE DOES IT COME FROM 0 votes asked Dec 9, 2022 in question by admin (2.8k points) WHAT IS BITCOIN AND HOW DOES IT WORK Bitcoin, the digital currency, has been all over the news for years. But since it is entirely digital and not necessarily compatible with any existing fiat currency, it is not easy to understand for a newcomer. Let's break down the basis of what exactly Bitcoin is, how it works, and its potential future in the global economy. After the price of bitcoin rose against the dollar insanely, and many questions about bitcoin increased, such as how to obtain bitcoin, or is bitcoin a scam or real, what is the rule of bitcoin, the bitcoin site, and how to start in bitcoin. The excessive excitement of cryptocurrency is largely caused by the high demand for Bitcoin (Bitcoin). Many people perceive bitcoin as a complete virtual account. But in order to clearly understand or know what bitcoin is, and where bitcoin came from, you first need to understand the technical side of bitcoin and the history of its creation and emergence. The most important detail that we will talk about: Bitcoin explained in detail What is bitcoin? The truth about bitcoin How to get Bitcoin What is bitcoin and how do you collect it When did Bitcoin appear? Bitcoin risks Bitcoin against the dollar What is a bitcoin wallet? Where does bitcoin come from? Is bitcoin a scam? Risks associated with investing in bitcoin How does bitcoin work? How do you earn money from bitcoin? Bitcoin is a decentralized digital currency that was created in January 2009. It follows the ideas outlined in a white paper by the mysterious and pseudonymous Satoshi Nakamoto. The identity of the person or persons who created the technology remains a mystery. Bitcoin promises lower transaction fees than traditional online payment mechanisms do, and unlike government-issued currencies, it is run by a decentralized authority. Bitcoin is known as a type of cryptocurrency because it uses cryptography to keep it safe. There are no physical bitcoins, just balances kept in a public ledger that is transparently accessible to everyone (although every record is encrypted). All Bitcoin transactions are verified by a huge amount of computing power through a process known as "mining" to prevent errors. Bitcoin is not issued or backed by any banks or governments, and an individual bitcoin is not valuable as a commodity. Although it is not legal tender in most parts of the world, bitcoin is extremely popular and has led to the launch of hundreds of other cryptocurrencies, collectively referred to as altcoins. Bitcoin is usually abbreviated to BTC when trading. At the outset, it is worth knowing that bitcoin is a digital currency or a cryptocurrency, one of the most famous and most expensive cryptocurrencies in the world, without any doubt. Compared to dollars, euros, rubles and hryvnias, it is not backed by a decentralized physical base. Bitcoin price against the dollar Who invented Bitcoin? The invention or idea to create Bitcoin was given by Satoshi Nakamoto. Officially, he is credited with the idea of a cryptocurrency based on calculus. The digital origin of the currency guarantees decentralization - no one dictates the rules to the owners of the currency, bitcoin (bitcoin) is evenly distributed around the world, and each owner is a full participant in the system. When did Bitcoin appear? Bitcoin was created in 2009, by the mysterious Satoshi Nakamoto and is the largest cryptocurrency in the world by market capitalization. How is Bitcoin made? Unlike fiat currency, Bitcoin is not created, distributed, traded, and stored using a decentralized ledger system, known as the blockchain. Bitcoin's history as a store of value has been turbulent; It has gone through several boom-bust cycles during its relatively short life. As the first virtual currency to achieve widespread success and popularity, bitcoin has inspired a host of other cryptocurrencies in its wake. How is bitcoin stored or kept? Bitcoins are stored in a "digital wallet", which is either located in the cloud or on the user's computer. What is a bitcoin wallet? A wallet or a bitcoin wallet is a type of virtual bank account that allows users to send or receive bitcoins, pay for goods, or save their money. Unlike bank accounts, bitcoin wallets are not insured by the FDIC. Types of bitcoin wallet The wallet is in the cloud: the servers have been hacked. The companies fled with the customers' bitcoins. Wallet on the computer: you can delete it by mistake, viruses can destroy it. Bitcoin is powered by the Bitcoin system, which is a collection of computers (also referred to as "nodes" or "miners") that all run Bitcoin code and store its own blockchain. Figuratively speaking, a blockchain can be thought of as a collection of blocks. In each block a set of transactions. Since all computers running the blockchain have the same list of blocks and transactions and can see these new blocks transparently as they are filled with new bitcoin transactions, no one can cheat the system. Anyone — whether or not they run a Bitcoin “node” — can see these transactions happen in real time. To accomplish the nefarious act, the bad actor would need to power 51% of the computing power that makes up bitcoin. Bitcoin has about 13,950 full nodes, as of mid-October 2021, and this number is growing, making such an attack completely unlikely. But if an attack does occur, bitcoin miners — the people who participate in the bitcoin network with their computers — could potentially fork into a new blockchain, making the effort of the bad actor to achieve the attack a waste. Balances of tokenized bitcoins are held using public and private "keys". What are the keys to holding bitcoins? They are long strings of numbers and letters linked through a mathematical encryption algorithm that generates them. The public key (comparable to a bank account number) serves as the published address to the world to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret and is only used to authorize bitcoin transfers. Bitcoin keys should not be confused with a bitcoin wallet, which is a physical or digital device that facilitates bitcoin trading and allows users to track ownership of coins. The term “wallet” is a bit misleading because the decentralized nature of bitcoin means that it is not stored “in” a wallet, but rather distributed on the blockchain. What does bitcoin offer? Previously, national currencies were backed by gold and silver, and now - by GDP. Theoretically, you can go to any bank in the country and exchange paper money for its equivalent in the form of gold bars and vice versa. While Bitcoin does not support anything, it is just math. During the creation of Bitcoin, the main idea was to create not an analogue of real money, but something like gold - which provides modern money. How is gold different from the dollar, ruble, zloty, euro and others? Obviously, the amount of gold is inherently limited. It will not be possible to get more gold than there is. And it will be very difficult to create it synthetically, and this process is unstable. To extract gold from nature, you have to spend people's time. As a result, 1 kg of the mined precious metal can be tied to the labor costs required to extract it, and can be used in the future as the equivalent of free labor, in other words, money. Something similar is characteristic of bitcoin. The number of cryptocurrencies is limited to 21 million coins. When the total amount reaches this number, the subsequent emission will be stopped so that inflation does not occur. Mining coins requires specific costs. While it takes human labor to mine gold, it takes computer resources to get Bitcoin. PLEASE LOG IN OR REGISTER TO ANSWER THIS QUESTION. 1 ANSWER 0 votes answered Dec 9, 2022 by admin (2.8k points) Best answer BITCOIN BENEFITS IN REAL LIFE The high level of cryptocurrency rate dynamics attracts investors who prefer highly volatile assets. Bitcoin is just beginning to be used as a means of payment, but many forex brokers are keeping their fingers on the pulse and, in addition to currency pairs, have introduced tools such as BTCUSD. Traders who previously dealt only with real money now have the opportunity to supplement their portfolio with a modern instrument. As a result, several options for making money on cryptocurrency appeared: Ways to make money from cryptocurrency the acquisition of assets in order to wait for a significant increase in the exchange rate in relation to the real currency; Buy / sell in the forex market and the price in the options market - as a result, it will be possible to make a profit when the price goes up and down; direct transactions of buying / selling bitcoin with constant monitoring of the price. The advantage of this digital currency is that to obtain it, you need much less physical resources than for the direct exchange of money. As a result, the work of the performers is paid at the expense of the money received "for free". Peer-to-peer technology Bitcoin is one of the first digital currencies to use peer-to-peer (P2P) technology to facilitate instant payments. Independent individuals and companies who own the governing computing power and participate in the Bitcoin network - Bitcoin "miners" - are responsible for processing transactions on the blockchain and are incentivized with rewards (new Bitcoin release) and transaction fees paid in Bitcoin. These miners can be seen as the decentralized authority that enforces the credibility of the Bitcoin network. New bitcoins are issued to miners at a steady but periodically decreasing rate. There are only 21 million bitcoins that can be mined in total. As of October 2021, there are over 18.845 million bitcoins in existence and less than 2.155 million bitcoins left to mine. In this way, Bitcoin and other cryptocurrencies operate differently from fiat currencies; In centralized banking systems, currency is created at a rate proportional to the growth of the economy; This system aims to maintain price stability. A decentralized system, such as Bitcoin, determines the issuance rate ahead of time and according to an algorithm. WHERE DOES BITCOIN COME FROM? You can get cryptocurrency or get bitcoins in certain ways - mining, buying or exchanging for dollars and other real currencies, receiving bitcoins as a reward for the work done. PLEASE LOG IN OR REGISTER TO ADD A COMMENT. Welcome to Latest-articles Q&A, where you can ask questions and receive answers from other members of the community. 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