Saturday, April 23, 2016

What is Bitcoin ?

Bitcoin is a digital currency invented by Satoshi Nakamoto on Octomber 2008,it is an electronic currency ,not physical ,and is decentralized,nobody has control over it ,and they are not made like dollars or euros or pounds by a specific country.Bitcoin is created by people or businesses around the world using their computers or special mining rigs using their GPU or CPU to create them. They solve math problems to create bitcoins or basically they check and verify other people's bitcoin transactions and if everything is ok those transactions get confirmed and the people that verify them rewarded with a small amount of bitcoins for each transaction.

There is no infinite amount of bitcoins out there ,in total there are around 21 millions bitcoins that can be created ,but the bitcoins can be divided in smaller amounts called Satoshi,

A Satoshi is equal to 0.00000001 BTC, that is, a hundredth of a millionth BTC

BTC is the symbol for bitcoin ,when someone tells you that something costs 1 BTC it means that the price for that product ,service is 1 Bitcoin.

Bitcoin is not backed up by gold or silver or backed up by governments like normal currencies, ,It;s backed by people trust in it and that there is only a limited amount of bitcoins out there.

At the beginning bitcoin had a very low value then in November 2013 bitcoin price was at US$1216.73 highest price ever ,then price fell to around 200-400 USD and it prices fluctuate around 400 USD in April 2013.Nobody knows how much Bitcoin will be worth in the future as bitcoin is a very volatile digital currency.

It is not recommended to store your wealth in bitcoins but you can use it to buy goods and services from online merchant and do other things with it ,like invest it and so on.

Who created Bitcoin?

The creator of Bitcoin it is said to be Satoshi Nakamoto nobody knows exactly how he his or if it is an actual person .Satoshi Nakamoto is the inventor of the bitcoin protocol publishing a paper on November 2008 on Cryptography Mailing List.

He released the first version of bitcoin in 2009 and started to fade away from the community back in 2010 ,He always took care never to show his identity and the last words he said is "gone for good" in 2011 before he disappeared.

Some say he was a Japanese guy others say the name is just a cover nobody knows exactly how he is .

They say that he has around of 1 million bitcoins unspent and he is very rich but again it is just a rumor spread around the bitcoin community.

Some say that he worked for the US government and that his name is a pseudonym for "central intelligence"

We only know that the person or organization with the name Satoshi Nakamoto created Bitcoin.

He was unconventional in his coding style and did not do to much testing like other coders do according to other programmers .

The bitcoin core that he invented was formally known as Bitcoin-Qt

Possible he chose the name Satoshi because it can mean "wisdom" and Nakamoto can mean "Central source".

Anyway thank you Satoshi Nakamoto for your countribution to the bitcoin community,hope you are well in some very big house enjoying your life or inventing new and exciting stuff that can help people .

How know what Satoshi may invent ,but one thing is for sure that with Bitcoin he helped a lot of people get rid of those high bank transfer fees and now your one click away from sending money to someone on the other side of the world.

Thank you Satoshi and have a great journey it this jungle we call world.

Where can i learn more about bitcoin ?

If we want to learn more about bitcoin we need to learn the basic stuff first.

We already know that bitcoin is a digital currency used for sending payments online ,but how does bitcoin actually work ?

First of all we need a bitcoin wallet to hold our bitcoins in ,it like a personal safe were you store your valuable bitcoins.

Bitcoin wallets are a collection of private keys or a database were you store bitcoin addresses,and in does addresses you store your units of bitcoins generated by miners.

How bitcoins are generated ?

Someone with a cpu/gpu or someone that has lot's of processing power solves hard mathematical problems and checks bitcoin transactions that are ok and after his cpu/gpu solves the problem or problems the computer gets rewarded with a few bitcoins.

Then the miner can sell those generated bitcoins on trading or exchange site or he can use them to buy different stuff from merchants that accept bitcoin as currency.

You can buy bitcoins from trading site,exchange sites or even individuals this days,but be careful people don't like selling bitcoins to people that try to buy using paypal.So if you want to join the bitcoin community and try to buy a few bitcoins don't use paypal.It's a nightmare buying bitcoins with paypal.

What is a bitcoin address ?

A bitcoin address is like your bank account number ,and it is made up of 2 things ,a private key and a public key ,the public key is similar to the bank account number and it made up of letters and numbers ,you send that to other bitcoin users so they can send you bitcoins or other user send those to you and you send payment to them.

A private key is like a password that gives you access to your bitcoins,don't ever show that to anyone if you want to keep your bitcoins.

You can learn more about bitcoin visiting https://en.bitcoin.it/wiki/ or visiting bitcointalk.org forum even google what you need to find out about bitcoin.

Where can i find the latest news on bitcoin?

Where can i find the latest news on bitcoin?

How to mine bitcoins

How to mine bitcoins

Where can i sell bitcoin ?

Where can i sell bitcoin ?

Where can i buy bitcoin ?

Where can i buy bitcoin ?

Where can i see latest bitcoin price ?

Where can i see latest bitcoin price ?

How to accept bitcoin on your website

How to accept bitcoin on your website

Bitcoin Wallets

Bitcoin Wallets

Bitcoin Links

Bitcoin Links