What is Bitcoin?
Everything about Bitcoin : You’ve probably heard about Bitcoin these days in the news and media, and you’ve been browsing through various websites to find out what Bitcoin is or how you can get free Bitcoins. If we want to be very brief and concise about what BTC is, we can define it as a kind of digital money. This definition is very simple and ignores many aspects of it, but it seems to be enough to get started. Bitcoin, the First Community open Network Exchange project, has opened an international blockchain market in 2009.
Bitcoin is a decentralized system and no single institution or person controls it. You know that bitcoins are limited– only 21 mln Bitcoins can ever be mined.
Who created Bitcoin?
Bitcoin was first introduced by an anonymous programmer, or a group of programmers, under the alias Satoshi Nakamoto in 2009. There has been a lot of rumors about the real identity of BTC’s creator, but Satoshi named Gavin Andresen a lead developer.
Who controls Bitcoin?
The very first thing that Gavin Andresen focused on was further decentralization. He wanted Bitcoin to continue autonomously and not one authority can interfere with BTC transactions, impose transaction fees, or take people’s money away but Bitcoin gives its users total control over their finances.
Every single transaction is being stored in a massive distributed public ledger called the Blockchain.
How does Bitcoin work?
You can see only the amount of Bitcoins on your wallet and transaction results.
Digital records of transactions are combined into “blocks”. If someone tries to change just one letter or number in a block of transactions, it will also affect all of the following blocks, so the mistake or fraud attempt can be corrected by anyone.
What can I buy with Bitcoin?
you can buy virtually everything, for example, you can fly with airlines, buy theatre tickets through UK’s theatre tickets, paying for hotels and buying property, buying a gift card and…
How to get Bitcoin?
The simplest way of getting Bitcoins is to buy them. Bitcoins are available from various exchanges, but you can also buy them directly from other people via marketplaces. Dedicated devices called hardware wallets and paper wallets with two QR-codes that are not stored digitally anywhere, making them immune to standard cyber-attacks and hardware failures.