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What is Bitcoin?Bitcoin is a decentralized digital coin that was developed at the beginning of January in 2009. It is based on ideas laid out in a piece of white paper by the obscure and pseudonymous Satoshi Nakamoto.12 This is why the persons who created the technology remains in the dark. Bitcoin has the promise of lower transaction fees than traditional online payment mechanisms do as well as, unlike other currencies issued by governments the Bitcoin system is run by a non-centralized authority.Bitcoin is referred as a kind of cryptocurrency due to the fact that it makes use of cryptography to keep it secure. There aren't any physical bitcoins, just balances held on a publicly accessible ledger with which all users have transparent access to (although every record is secured). All Bitcoin transactions are verified with a huge amount of computing power through a procedure called "mining." Bitcoin is not backed or guaranteed by banks or governments either, nor is any individual bitcoin considered a commodity. While it isn't legal tender in most parts that the planet, Bitcoin enjoys a huge following and has spurred the development of a variety of other cryptocurrencies also known collectively as altcoins. Bitcoin is generally abbreviated BTC when traded.Key TAKEAWAYSThe cryptocurrency was launched in 2009 and has been around since then. Bitcoin is the most popular cryptocurrency in terms of market capitalization.* Unlike fiat currency, Bitcoin is developed to be traded, distributed, and stored using the help of a ledger that is decentralized, also often referred to a blockchain.The history of Bitcoin as a store of value has been turbulent; it is through a variety of cycles of boom and bust in its short time of existence.* As the original virtual currency that has enjoyed widespread popularity and success, Bitcoin has inspired a numerous other cryptocurrency types in its wake.What Is BitcoinUnderstanding? BitcoinThe? Bitcoin system is a collection of computers (also referred to as "nodes" as well as "miners") that all operate Bitcoin's program and maintain its blockchain. In terms of metaphor, a Blockchain can be considered to be a collection of blocks. Each block is the result of a series of transactions. Since all the computer systems that run the blockchain share the same block list along with transactions, and have the ability to perceive these new blocks as they're stuffed with new Bitcoin transactions, nobody can cheat the system.Everyone, whether they manage a Bitcoin "node" and not--can witness these transactions happening in real-time. To perpetrate a shady act that is criminal, an attacker would require 51% of the computing power of Bitcoin. Bitcoin has an estimated 13,768 fully functional nodes by mid-November of 2021 and this is growing which makes such an attack very unlikely.3But if an attack was to occur, Bitcoin miners--the people who are part of the Bitcoin network by using their computers likely be split into a new blockchain, making whatever effort the culprit has put into executing this attack ineffective.Funds in Bitcoin tokens are kept using the public and private "keys," which are long strings of letters and numbers linked through the mathematical encryption algorithm that creates the keys. A public key (comparable to the bank account number) acts as an address to be made public to all the world and also to whom others can send Bitcoin.The private key (comparable in value to the ATM PIN) is meant to be a guarded secret and only used to authorise Bitcoin transmissions. Bitcoin keys cannot be confused with the Bitcoin wallet it is a physical (or digital) device, which allows transactions with Bitcoin and allows users to monitor ownership of their coins. The term "wallet" is somewhat misleading since Bitcoin's decentralized nature ensures that it's never kept "in" inside a wallet but rather , distributed over the blockchain.Peer-to-Peer TechnologyBitcoin? is among one of the first crypto currencies that make use of peer-to_peer (P2P) technology to allow immediate payment. Independent individuals and companies who have the authority over computing power and take part in the Bitcoin network -- Bitcoin "miners"--are responsible for managing transactions on the blockchain. They are motivated by rewards (the announcement of new Bitcoin) and transactions fees that are paid in Bitcoin.These miners may be considered as the uncentralized authority responsible for ensuring the integrity for the Bitcoin network. Bitcoins are distributed to miners at an agreed and periodically decreasing rate. There are just 21 million bitcoins to be mined. At the time of writing, there are over 18.875 million Bitcoin in existence and just 2.125 million Bitcoin left to mine.4In this way, Bitcoin and other crypto currencies function differently from fiat currencies. within centralized banking systems, the currency is created at a pace that is in line with the development of the economy. This is intended to maintain the stability of prices. A decentralized system, just like Bitcoin is able to set the release rate prior to the clock and according to an algorithm.Bitcoin MiningBitcoin? mining describes the process by which Bitcoin is put into circulation. Generally, mining requires solving complex computational puzzles to find an undiscovered block that is added on the Blockchain.Bitcoin mining adds value and verify record of transactions across the internet. Miners can earn Bitcoin The reward is multiplied by 210,000 blocks. This block's reward of 50 new bitcoins in 2009. On May 11 on the 11th of May, 2020, the three halves took place, bringing the prize for each block found reduced to 6.25 bitcoins.5Many different types of hardware can be used in mining Bitcoin. But, certain hardware earns higher reward than other types of hardware. Certain computer chips called ASICs, or application-specific integrated circuits (ASICs) and more advanced processing units, like graphic processing units (GPUs), can achieve greater rewards. These advanced mining processors are described as "mining machines."One bitcoin has divisible Eight decimal numbers (100 millionths of one bitcoin) and this tiny unit is known as the Satoshi.6 If necessary, and if the participating miners accept the change, Bitcoin may be eventually divisible to even greater decimal places.The earliest timeline for BitcoinAug?. 18, 2008This domain's name Bitcoin.org is registered.7 Today, at most the web address is WhoisGuard? Protected, meaning the identity of the person who registered it does not become public knowledge.Oct. 31, 2008A person or group using"Satoshi Nakamoto's" name Satoshi Nakamoto makes an announcement at the Cryptography Mailing List at metzdowd.com: "I've been working on a new electronic cash method which is fully peer to peer, and no trusted third party." The now-famous white paper that was published on Bitcoin.org with the title "Bitcoin: A Peer to Peer Electronic Cash System," could become The Magna Carta for how Bitcoin operates today.1Jan. 3, 2009This is where the very first Bitcoin block has been mined: Block 0. This is also known as"the "genesis block" with the text: "The Times 03/Jan/2009 Chancellor on the verge of another bailout for banks," Perhaps as proof mining took place prior to or in the following year, and could also serve as an important political commentary.8Jan. 8, 2009The initial version Bitcoin software is announced via users of Cryptography Mailing List.Jan. 9, 2009Block 1 is mined and Bitcoin mining commences.Who is Satoshi Nakamoto?It is not known who created Bitcoin The Bitcoin software, at minimum, they cannot prove it. Satoshi Nakamoto is the name associated with the person or group of individuals who published the first Bitcoin white paper in 2008 and developed the first version of the Bitcoin software that was released in 2009.1 Since it was released, many people have claimed or been rumored to be authentically the people behind this pseudonym. However, in November of 2021, the identities (or people's identities) for Satoshi Nakamoto remains obscured.Although it is tempting to accept the mythology of the media that Satoshi Nakamoto is only a single, quixotic genius who created Bitcoin out out of the blue, such inventions don't usually happen in the vacuum of. All significant scientific discoveries, no matter how seemingly original, were built on previously known research.There are precursors to Bitcoin Adam Back's Hashcash, invented in 1997, followed by Wei Dai's b'money, Nick Szabo's bitgold, and Hal Finney's Reusable proof of Work. Bitcoin's white paper Bitcoin white paper itself is an homage to Hashcash and b-money , as well as various other works spanning different research fields. Perhaps unsurprisingly, many of those who are behind the other project mentioned above have also been thought to have had part in the creation of Bitcoin.There are several possible motives for Bitcoin's creator to conceal their identity. One of these is privacy. Bitcoin has gained popularity, and is becoming something of a global phenomenon--Satoshi Nakamoto is sure to draw lots of attention from the media as well as from the government. Another reason might be the possibility for Bitcoin to cause a huge change in the financial and banking systems. If Bitcoin was to gain widespread acceptance, the system could be able to outdo sovereign currencies. The threat to the currency of today could cause governments to initiate legal action against the creator of Bitcoin.<img width="304" src="">Another reason is for security. From 2009 alone, 32,490 of the blocks were mined. at the reward rate that is 50 Bitcoin per block. That means the payout in 2009 was 1,624,500 Bitcoin.9 One could conclude that just Satoshi and maybe a few other individuals were mining throughout 2009 . They also have a majority of that stash of Bitcoin.Someone in possession of that huge amount of Bitcoin may be a potential target for criminals, particularly since Bitcoin differs from stocks and more of a cash-based currency in which the private keys required to approve spending can be printed and placed under a mattress.Though it's likely the inventor of Bitcoin will have the foresight to make any extortion-induced transfers easily traceable, remaining anonymous is a great option for Satoshi Nakamoto to limit exposure.Special ConcernsBitcoin? as a way of paymentBitcoin can be used for payment for services or products or services offered. Brick-and-mortar stores can display an ad that reads "Bitcoin is accepted at this location" This means that transactions can be conducted using a hardware terminal or wallet's address through QR codes or touchscreen applications. Online businesses are able to accept Bitcoin by including this payment option in its other payment options on the internet that include credit cards, PayPal? and more.El Salvador became the first nation to fully adopt Bitcoin as a legal tender in June 2021.10Employment opportunities for BitcoinIndividuals? who work for themselves can be compensated for their work that is related to Bitcoin. There are several methods to achieve this using any website and then adding to it your Bitcoin bitcoin wallet to their site in order to make it a way to pay. There are a variety of jobs boards and websites that focus on digital currencies.* Jobs4Bitcoins forms part of Reddit.com.* BitGigs? describes itself as "a Bitcoin job board."* Bitwage offers the possibility in which you can choose a portion of your paycheck at work that will be converted into Bitcoin and sent the money to your Bitcoin address.In the event of investing in Bitcoin4 minutes - 0 seconds Volume 75 percent<iframe src="https://www.youtube.com/embed/OfVumcKtpG8" width="560" height="315" frameborder="0" allowfullscreen></iframe>4:24How to Buy BitcoinMany? Bitcoin supporters believe that digital currency will be the new currency of the future. The majority of those who support Bitcoin believe that it provides an accelerated, low-cost payment system for transactions across the globe. Although it is not backed by any central or government banks, Bitcoin can be exchanged with traditional currencies. In fact, the rate of exchange against the dollar is a draw for potential investors and traders who are interested in the currency market. In fact, one important reason behind the growth of digital currency like Bitcoin is that they are able to be used to replace national fiat currencies and traditional products like gold.In March 2014 In March 2014, the IRS declared that all virtual currencies including Bitcoin will be taxed as real property instead of currency. Gains or losses made from Bitcoin that are held as capital be accounted for as capital gains or losses. On the other hand, Bitcoin being used as inventory will suffer normal losses or gains. The sale of Bitcoin you mined or purchased from another party, or making use of Bitcoin to pay for the purchase of goods or services are examples of transactions that may be taxed.11Much like other investments, the idea of buying low and selling for high applies to Bitcoin. The most well-known method of amassing the currency is through purchasing it on a Bitcoin exchange, however there are many other ways to earn and own Bitcoin.Risks Associated With Bitcoin InvestingIn? the past, investors looking for speculative investment have drawn to Bitcoin after its rapid price appreciation in recent years. Bitcoin was priced at $7,167.52 on December. 31st, 2019, in the year following, it the value had increased more than 300 percent to $28,984.98. The price continued to rise in the first quarter of 2021. It reached an all-time high of more than six thousand dollars by the end of 2021.12Thus, many people purchase Bitcoin because of its investment value rather than to function as a method of exchange. However, the absence of certain value and its virtual nature means that buying and use come with a range of inherent risks. Many investor alerts were distributed by Securities and Exchange Commission (SEC) along with the Financial Industry Regulatory Authority (FINRA) and the Consumer Financial Protection Bureau (CFPB) and various other agencies. https://anotepad.com/notes/99566b8t of a digital cryptocurrency is still untested and when compared with traditional investments, Bitcoin doesn't have much an established track record or history of credibility to back it. In the wake of its increased popularity Bitcoin can be seen as less and less experimental daily, yet, even after just a decade all digital currencies remain under development. "It is basically the most risky and highest-return investment possible," says Barry Silbert the CEO of Digital Currency Group, which is an investment and development company in Bitcoin and Blockchain companies.13Risks related to regulationAffording money through any of the various forms of Bitcoin is not recommended for those who are hesitant about risk. Bitcoin is a competition to government currency and may be used to facilitate underground market transactions and money laundering, as well as illegal acts, or tax fraud. The result is that governments might seek to restrict, regulate, or prohibit the use and trade of Bitcoin (and certain countries already have). Others are creating various regulations.For example, in 2015 the New York State Department of Financial Services has finalized rules that oblige companies involved in transactions involving the purchase, sale storage, transfer or storage of Bitcoin to keep track of the identity of customers, have an official who is a compliance person, and maintain reserves of capital. Any transactions that are worth $10,000 or more should be noted and reported.14The lack of uniform regulations concerning Bitcoin (and any other virtual currencies) raises questions over their viability, liquidity and universality.Security RiskThe? majority of people who own and utilize Bitcoin do not have their cryptocurrency through mining operations. Instead, they purchase and sell Bitcoin as well as other digital currencies from any market on the internet that is popular, known as Bitcoin trades and exchanges.Bitcoin exchanges are completely digital . Just like any other system, are vulnerable to hackers infiltration, malware, and operating malfunctions. If a criminal gains access to the Bitcoin owner's hard drive on their computer and takes their encryption keys and the Bitcoin could be transferred from this stolen Bitcoin to a different account. (Users could avoid this in the event that their Bitcoin is stored on a device that is unconnected to internet access, or by choosing to use ink-jet printers to print the Bitcoin private details and keys but not keeping them on a PC at all.)Hackers can also use Bitcoin exchanges, gaining entry to multiple accounts as well as digital wallets that are where Bitcoin has been stored. One particularly notorious hacking case was reported in 2014 in which Mt. Gox which is a Bitcoin exchange in Japan was forced to close after millions dollar worth Bitcoin had been stolen.This is a particular issue given that the majority of Bitcoin transactions are irrevocable and irreversible. It's the same as dealing with cash A transaction completed with Bitcoin is only reverseable by the person who received the Bitcoins refunds the money. There isn't a third party or payment processor like with credit or debit cards. Thus that there is no recourse or recourse if there's a problem.Risk of insuranceCertain investments are insured by The Securities Investor Protection Corporation (SIPC). The majority of bank accounts are covered by the Federal Deposit Insurance Corporation (FDIC) up to a predetermined amount depending on the jurisdiction.Generally speaking, Bitcoin exchanges and Bitcoin accounts are not covered under any government or federal program. In 2019, the prime merchant and platform for trading SFOX announced that it would be able to offer Bitcoin users with FDIC insurance, however only for transactions that require cash.15Fraud riskEven though Bitcoin uses encryption with private keys as a way to verify ownership and record transactions, fraudsters and scammers may attempt to sell false Bitcoin. For example, in July of 2013 the SEC brought legal action against a perpetrator of a Bitcoin-related Ponzi scheme.16 There have been documented instances of Bitcoin price manipulations, a popular type of fraud.MarketLike? all investments, Bitcoin values can fluctuate. Indeed, the value of the currency has witnessed a number of wild variations in its value throughout its short period of existence. The currency is subject to high volume purchasing or selling at exchanges, Bitcoin has a strong sensitivity to any newsworthy developments. According to the CFPB, the price of Bitcoin decreased by 61% in just one day last year and the single-day record price drop in 2014 was nearly 80%.17If fewer people are able to begin to accept Bitcoin as a currency these digital units could lose value and could become worthless. There was even the possibility there was a possibility this "Bitcoin bubble" had burst after the price fell from the all-time peak during the cryptocurrency boom in the latter half of 2017 and into the early part of 2018.There's already plenty of competition, and although Bitcoin has a massive advantage over the hundreds of other digital currencies that have sprouted due to its reputation as well as venture capital cash but a technological breakthrough the form and form of a new virtual coin is always unavoidable.$68,990Bitcoin's all-time high price, reached on Nov. 10th, 2021.12Divergence in the Cryptocurrency CommunitySince? Bitcoin launched, there have been numerous instances in which differences between developers and miners caused massive divergences within the cryptocurrency community. In some of these cases there have been instances where groups of Bitcoin users and miners have altered the rules of the Bitcoin network.This process is known under the name "forking," and it is usually the result of a new type of Bitcoin with a different name. The split could be described as described as a "hard fork" where a new Bitcoin shares the history of transactions of Bitcoin up until a decisive split date, when the creation of a new coin occurs. Some examples of cryptocurrency that have been generated as a consequence of hard forks include Bitcoin Cash (created around August, 2017,), Bitcoin Gold (created in October 2017) and Bitcoin SV (created at the end of November of this year)."Soft Forks "soft fork" can be described as a change to the protocol that remains compatible with previous system rules. For instance, Bitcoin soft forks have added functions, like the segregated witness (SegWit?).Why is Bitcoin Its Value?Bitcoin's value has grown exponentially in the span of just over a decade, from just $1 in 2011 to nearly 68,000 by November 2021. The reason for its value is multiple factors, including relative insufficiency, demand on the market and marginal prices of its production. So, even though it is intangible, Bitcoin commands a high price, and a market capitalization of $1.11 trillion at the time in November 2021.12Can you tell if Bitcoin really a Scam?Although Bitcoin is a digital currency and cannot be touched, it is definitely real. Bitcoin has been around for over 10 years and has proved itself to be reliable. The software code that runs the system, moreover, is open source , and can be downloaded and analyzed by anyone who wants to look for bugs or evidence of malicious intent. Of course, fraudsters will attempt to cheat people to pay for their Bitcoin or hack sites like crypto exchanges but these are flaws that exist in the behavior of humans or third-party applications rather than Bitcoin the system itself. http://www.benhvienvinhchau.com/Default.aspx?tabid=120&ch=16657 Can You Find?The maximum number of bitcoins that will ever be produced is 21 million, and the last bitcoin is expected to be mined at some point about the year 2140. Since November 20, nearly 18.85 million (almost 90 percent) of bitcoins had been mined.18 Further, scientists estimate that 20% of those bitcoins have been "lost" due to individuals forgetting their personal keys, dying without leaving any access instructions, or sending bitcoins to unusable addresses.19Should I Capitalize the B on Bitcoin?Conventionally, it is best to use a capital B when talking about the Bitcoin network the protocol, system, or. Use a smaller b when talking about individual bitcoins as a unit of worth (for example, I've sent two bitcoins).Where can I buy Bitcoin?There are a number of online exchanges that permit you to purchase Bitcoin. Also, http://bvkrongbong.com/Default.aspx?tabid=120&ch=422291 --internet-connected kiosks with the ability to purchase bitcoins using cash or credit cards have been appearing in all parts of the world. If you've got someone with bitcoins, they may be willing provide them to you for cash without any exchange at all.