What is Bitcoin?



Bitcoin is a digital currency, created by a process called "mining". Bitcoin is a global currency that is decentralized and peer-to-peer and can be used like any other currency to purchase goods and services.


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Who invented Bitcoin?

Bitcoin was created on January 12th, 2009 by an anonymous person known as Satoshi Nakamoto. No one truly knows their identity.

How does it work?

Bitcoin was created with a predetermined amount of coins that will ever exist. On day one, on average, 50 Bitcoins were created every 10 minutes. Every 4 years the amount of Bitcoins that are generated is reduced by 50 percent, known as the "halving".

As of today there are an average of 12.5 Bitcoins created every 10 minutes with the next halving taking place in May of the year 2020.

It is estimated time that the last Bitcoin will be mined is in the year 2140, after that the total amount of coins have been mined and no more Bitcoins will be generated.

 

What is Mining?

Mining is the process of using your computer's processing power in order to solve complex mathematical equations known as "hashes". Whoever solves the equation is given the "block reward" which, as of right now is 12.5 Bitcoins.

In the early days of Bitcoin, someone could use their home computer to mine, and had a decent chance of getting the block reward. Currently, the only way to compete is to join what is called a "pool" which is a conglomeration of individuals hashing power put together in order to complete the equation before the other pools do.

The Bitcoin is then dispersed to the miners based on how much hasing power they contributed. In order to keep things relatively consistent, every 2 weeks on average the difficulty of the equations is adjusted to maintain the average equation solving time of 10 minutes.

How is it
decentralized?

The mining aspect is needed to maintain the decentralized aspect of Bitcoin. When you send Bitcoins to someone, you pay a small transaction fee that is usually a few cents in order to be included in the next block. Once the next block equation is solved, your transaction is now confirmed and permanently on the Blockchain.

It is common practice to not consider a Bitcoin transaction as complete until it has atleast one confirmation. However, when dealing with small transactions it is generally safe to say that you can rest assured that it will go through.

 

What is Blockchain?

A Blockchain is the public ledger of all Bitcoin transactions that have ever taken place. The main information included is which address the Bitcoins came from, which address they were sent to, the amount of Bitcoins sent, and the time they were sent at.

The beauty of it is, is that no one can change this public ledger which is what makes Bitcoin and Blockchain technology so important. The security of Blockchain technology has been proven time and time again, literally being unhackable.

Why should I buy Bitcoin?

Bitcoin's value is based on many things, in general terms it is a new concept. It follows many of the same characteristics of gold, in the sense that it is rare and you cannot create more, shy of space exploration but that is a different discussion.

Bitcoin gives you control of your money, as long as you control the private key associated with your Bitcoins you can guarantee that you have this asset that no one can take from you. It is not a deflationary currency like fiat currencies such as USD, Euros, Yen, Pounds where a central bank can decide to print more, making your money less valuable.

Bitcoin is infinitely divisible, so you can send a fraction of a penny or $100,000,000 for the same transaction fee. Put your money back in your hands. Be the bank.

Buy Bitcoins locally here!


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