What Is Bitcoin?

                                                                        

                                                                        

What Is Bitcoin?

 

Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Nakamoto introduced the idea on 31 October 2008 to a cryptography mailing list and released it as open-source software in 2009. There have been several high profile claims to the identity of Satoshi Nakamoto. However, none of them have provided proof beyond doubt that back up their claims.

 

The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain, which uses bitcoin

as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized

virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed and it is more correctly described as the first decentralized

digital currency. Bitcoin is the largest of its kind in terms of total market value.

 

Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This activity is called mining and miners are rewarded with transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can be exchanged for other currencies,products, and services. When sending bitcoins, users can pay an optional transaction fee to the miners.

 

 

How to get bitcoins?

 

You can get bitcoins for free from Bitcoin PTC Sites, Bitcoin Faucets,

Bitcoin Games.
You can Buy Bitcoins Online.

Also you can get passive incomme by Investing in Bitcoin, or renting out

the hardvare from trusted Bitcoin Cloud Mining Companies.

 

 

Bitcoin price volatility

 

The price of bitcoin has long gone through diverse cycles referred to by way of

some bubbles and busts. 

In 2011 the cost of one bitcoin hastily rose from $0.30 to $32. 
In November 2013, the price of bitcoin rose to the all-time high $1,242. 
In August 2014 it changed into beneath $600.
In January 2015, the bitcoin rate had dropped to $220.
In November 2015, bitcoin rose by 20% , exceeding $480. 
As of April 2016, bitcoin is beginning to look slightly stronger than gold.
On 3 March 2017, the fee of a bitcoin has handed the value of gold for the primary

time and its price surged to an all-time excessive.
On 17 August 2017 bitcoin expenses have another time reached highest level of $4,500.

View the latest Bitcoin price in real-time.

 

 

Bitcoin Denominations
         

SAT         Satoshi               0.00000001 BTC
µBTC      Microbitcoin        0.000001 BTC
mBTC     Millibitcoin           0.001 BTC
cBTC      Centibitcoin         0.01 BTC
dBTC      Decibitcoin          0.1 BTC
BTC        Bitcoin                 1 BTC
daBTC    Decabitcoin         10 BTC
hBTC      Hectobitcoin        100 BTC
kBTC      Kilobitcoin            1000 BTC
MBTC     Megabitcoin         1000000 BTC

 

 

                                                                    

 

 


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