What is Bitcoin
What is Bitcoin?
Bitcoin is a virtual currency with the symbol of BTC that appeared since about 2009 by a person or a group of people who used the alias Satoshi Nakamoto. Bitcoin is also a cryptocurrency (cryptocurrency), which is a type of currency circulating without being regulated by a certain central bank, not backed by gold, nor shaded by certain countries. Circulation and its use through Internet network media.
Many virtual currencies and crypto-currencies in addition to Bitcoin, including Litecoin, Peercoin, etc. However, Bitcoin is the most widely recognized and the highest his uncle. Bitcoin's success has been widely discussed everywhere, including in a documentary titled The Bitcoin Gospel.
Bitcoin is formed in a highly transparent and decentralized Internet network. That is, all the developers in the world (who know how) can verify how Bitcoin works. However, all transactions and the creation of Bitcoin can be viewed in real-time by anyone (transactions made anonymously; what can be seen transfers between account numbers only).
At the same time, the global system of Bitcoin is protected cryptographic algorithms such as those used in online banking transactions. No organization or individual can control Bitcoin and manipulate the network for personal benefit, although not all users are trustworthy and hacking can occur. Its creation is also democratic, and requires the approval of the majority of users before it can be printed on new Bitcoins in larger quantities than has been determined.
Bitcoin is trusted and used by many people in the world. Many online and physical companies have received Bitcoin, including the famous Zynga gaming company and the non-profit Wikileaks and Wikipedia. A number of international forex brokers have also publicly received BTC as a currency for deposit and withdrawal funds (deposit and withdrawal). Examples are FXOpen, FXPrimus, and SimpleFX. The more you trust and use it, the higher the value of the virtual currency.
How to earn Bitcoins?
In general, we can get Bitcoin in two ways:
1. Buy Bitcoin by exchanging the ordinary currency we have with Bitcoin.
There are already several Bitcoin exchanges where you can buy and sell these
cryptocurrencies.
2. Create your own, or precisely through "Bitcoin Mining ".
Basically, anyone can "mine Bitcoin " itself, if it has adequate infrastructure. Its main devices are the advanced computer ASIC (Application-Specific Integrated Circuit) and other similar devices. Device users will be able to help Bitcoin transactions around the world. In the process of "creating " Bitcoin, they validate transactions through complicated mathematical formulas. In exchange for such assistance, the device user will get a certain amount of BTC from the system.
One thing to note here: not just any computer or laptop can mine Bitcoin.
How to use Bitcoin?
To be able to use Bitcoin, you must first have "Wallet" as your storage place as well as your source of identity in later transactions (Bitcoin Address). Wallets can be obtained at a Bitcoin Wallet-specific exchange or service provider. The form is virtual, and can usually be used anywhere just by logging in to the Wallet.
How to use Bitcoin
After that, you must fill out the Wallet. There are several alternatives. You can buy Bitcoins from other people who already have them. Or, accept Bitcoin as a payment by selling goods or services to others. Furthermore, if there is already a BTC balance in Wallet, then you can buy the goods with from other merchants who accept Bitcoin, or sell it again to be sent to a regular bank account.
What are the advantages and disadvantages of Bitcoin?
Excess Bitcoin lies in its flexible and globalized nature. If to send ordinary money overseas then you need to go through complicated and time consuming process, then with virtual currency just simply online, then click this and that's it. Unconditional Bitcoin transactions and their value can range from very small to infinite. No taxes, no ongkir, no fee in any form.
In addition, Bitcoin became an alternative livelihood for citizens of some countries whose currency value was destroyed and the economy was hit by a crisis, as recently as Venezuela. Bitcoin users so somewhat "protected " from the economic problems suffered by his countryman because it is not affected by the fall value of their currency and can continue to transact smoothly with local and international partners.
That's a little review on what bitcoin is