Category: Bitcoin

Bitcoin is by far the most valuable cryptocurrency on the market. His course seems to have no limits. In the meantime more and more big banks are thinking about working with the cryptocurrency.

In this post we will give you a lot of interesting information about Bitcoin. Its course history with explanations can be found on the page Bitcoin Price

The emergence of Bitcoin

The first bitcoins were created in 2009. At that time, the first 50 Bitcoins were created. Whether its inventor is an individual or a grouping is not explained to this day. but surely the name is Satoshi Nakamoto (after that the smallest units are named “Satoshis”).

The creation of Bitcoin was preceded by a whitepaper criticizing the current banking system and highlighting its weaknesses. The argument was that the administration of currencies by central banks creates too much dependency. The end user relies on the bank to manage the cash dispensing correctly. However, if the consumer loses confidence in central banks, massive devaluation would result. If you’re spending a decentralized currency, Bitcoin’s thought leaders could bypass Central Bank dependency

Bitcoin construction

A Bitcoin can be represented exactly on eight Nachkommstellen. The smallest unit is, as already mentioned, a Satoshi. The term mBTC (“m” stands for Milli>) or even bits (one bit stands for 100 Satoshi) is also common.

Bitcoin are kept in wallets. Each user gets a public key and a private key. Thus, the ownership can be proven. There are different types of Bitcoin Wallets: online wallets, desktop wallets, mobile wallets and hardware wallets. The latter are the safest variant.

What is the blockchain

Bitcoins are based on the so-called blockchain. These can be thought of as a kind of journal on which all transactions are stored. This also means that every person has the opportunity to view all transactions. The blockchain is not hosted on a central server, but it is stored on the computers of the users or the so-called miners.

What are miners?

Miners are users who provide computing power on purpose-built hardware to solve complicated computational tasks. The goal is to find a block . Because whenever a new block appears, the miners receive a small premium for it. Finding a block becomes increasingly difficult in the tempest of time, as the so-called “difficulty” is constantly increasing. For this reason, more and more miners now join together in pools. Find a new block, share the bonus.

Bitcoin: A bit of history

Depending on which source is sought, the first cryptocurrency has been declared 140 to 150 times dead since its creation. But he is still alive – enjoying steady appreciation and increasing public interest.

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