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Bitcoin

Bitcoin (Биткоин)

Bitcoin is the first cryptocurrency in the world. It is largely similar to fiat and electronic money, however, it has a number of distinctive features. Perhaps the main one is decentralization. Cryptocurrency is not subject to control. This principle of democracy attracts users and promotes Bitcoin, speaks of it as the currency of a new formation.

 

Bitcoin creators: goals and objectives of the project

The idea of the project was to create a unique type of payment system that would be fundamentally different from the traditional one. The founder of the new generation Bitcoin currency is considered the programmer Satoshi Nakamoto. This name is overgrown with legends and various versions of its authenticity. Whether it was a real name or a pseudonym, whether it was one person or a whole group, so far no one knew.

Bitcoin appeared as a result of solving complex problems using powerful computer equipment. Development began in 2008, at the beginning of 2009 the first digital coins appeared. The first batch of Bitcoins, as well as the main keys to access the system, is still with the owner, who, for some unknown reason, chose to observe the triumph of his creation from the shadow of the unknown.

 

How is mining Bitcoin cryptocurrency?

In physical form, this currency does not exist; it is a virtual product created as a result of research by programmers and cryptologists. No one can print it, the Bitcoin cryptocurrency is issued by mining, for this there is specially developed software based on a unique innovative blockchain system. In fact, blockchain is the basis of a unique financial phenomenon, on which the financial power of cryptocurrency is based.

The global Bitcoin network, which anyone can become a user, has a unique structure and mechanism of work. Over the years of the existence of the new digital currency, the Bitcoin community has formed, which includes the creators of new crypto coins and those who use them for various purposes. You can earn it, make payments for purchases, services, exchange, trade on cryptocurrency exchanges.

The principle of mining new crypto coins is to launch a program to solve mathematical problems. After the successful completion of the process, the miner receives a reward in digital currency Bitcoin. At the first stage, mining was very popular and became widespread. But the program is designed in such a way that the more crypto coins are mined, the tasks become more complicated, more electricity and higher capacities are required. In addition, the amount of remuneration every 4 years is halved. At high costs, a smaller result is obtained. Today, when mining alone is not profitable, people began to unite and create farms, working together. The received remuneration in Bitcoins is divided in accordance with the labor costs and invested funds of each participant.

 

Why are bitcoins not subject to inflation?

Bitcoins cannot be printed or dominated. According to the creators, a limited number of them will be released - 21 million. When the question arose whether it was too little to popularize a new currency and develop a payment system all over the world, it was decided to split each Bitcoin into one hundred million bargaining coins. They were named after the creator of Satoshi.

It is the limited edition of Bitcoin that protects this currency from inflation. Currently, about 17 million crypto coins have been mined. The release of the latest Bitcoin is planned for 2140.

 

The main properties of cryptocurrency bitcoin

Bitcoins have the same properties as fiat money, but it is worthwhile to dwell on the distinguishing characteristics:

Lack of regulatory authority. No government or bank can influence the operation of the Bitcoin network. It exists by itself; no external financial policy can be imposed on it.
Bitcoins are not subject to inflation, have a high cost.
Availability and simplicity. The registration process on the Bitcoin cryptocurrency network takes several minutes.
User privacy - his name is not advertised anywhere. Each client has a Bitcoin address, but it does not indicate personal data, it is a set of characters.
The ability to make micropayments.
Transparency - the entire block chain is visible to all network users.

Bitcoin requires vigilance

Each user has a public key - Bitcoin address. This is a kind of safe, where they put the digital currency Bitcoin. It looks something like this: 12mL8brZz9pa4yXО9pXmk90ivAKu8TxtНy.

Another combination of characters needed to transfer bitcoins is a private key. It might look something like this: 5Ja1AzstCBkxZQONcwi7vJWHFgmYit1f4h5ceTeKCHmDetaWhKp.

In the preservation of keys, all responsibility rests only with the user. They can not be passed on to anyone, not to report the location. Their copies are best stored in several places: on a standalone media (flash drive), on a computer in a separate file, or written on paper. All these precautions are well founded. If you do not take them into account, you can lose the Bitcoins stored in the electronic wallet. In case of losing keys, it is almost impossible to restore them. If someone takes advantage of trust and gets into someone elses wallet, it will not be possible to return crypto coins.

 

Bitcoin Wallets: Varieties and Purpose

Varieties of Bitcoin wallets exist for different needs, each user has their own goals. For example, beginners use small amounts, they are quite happy with an online wallet. Those who are very busy often travel, travel, travel, and mobile Bitcoin wallets are more suitable. Business people prefer desktop versions. They are more reliable and have gained popularity among millions of users. To create them, you need to run special software, but it does not require much time, effort and a large amount of memory.

The latest invention is gadget wallets. Their functions are diverse, they are very convenient, they have practically no shortcomings, one problem is the high price. They can rightly be called an electronic purse of a new generation.

 

The high cost of Bitcoin is the reason for its popularity

From the above, you can see how unique the Bitcoin cryptocurrency is, it causes an incorruptible interest among millions of people. Its qualities and distinguishing features are striking in its versatility and a completely new look. It also significantly exceeds electronic types of money, which are only the equivalent of national currencies.

The most important property of this digital money is the ability to earn it. Before you begin to consider methods of earning, it should be emphasized what is its main meaning.

It consists in the fact that the digital currency Bitcoin has a high value, this can be determined by its relation to the dollar. As of June 26 this year, 1 Bitcoin is approximately $ 670. The story of its volatility is very interesting, and this is a topic for a separate article. The main thing is that at present, analysts predict a further increase in the rate. According to them, before the end of the year, Bitcoin may cross the mark of $ 1,000. This is a serious argument testifying to its promise and potential.

 

Types of Earnings Bitcoin

On the Internet you can find a lot of useful information about the different types of earnings of this unique currency. Thousands of fixtures and devices have been developed. Among them, Bitcoin-cranes, bots, pools, Bitcoin-lotteries, games that gained immense popularity.

Bitcoin faucets, where it was required to introduce captcha, gave meager incomes and began to lose demand. They were replaced by automated devices, where almost everything a person does a robot, in addition, you can connect several cranes at once.

No less attractive is the earnings on cryptocurrency exchanges. Due to the change in the course, through speculation, many traders have quite a solid profit.

Bitcoin is a profitable investment tool; it is successfully used by owners of large cryptocapital funds.

An online cryptocurrency exchange that anyone has the right to create can be a source of additional income.

Bitcoin has earned well-deserved fame among millions of users. This cryptocurrency is capable of changing the money world, just as the Internet has changed many areas of life: printing, service, education. Judging by its unique qualities and irrefutable advantages, it has great prospects and potential for further development in order to become a world currency in the future.