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So What Exactly Is a Bitcoin Anyway?

    • 24 posts
    January 17, 2019 3:20 AM PST

    There's virtual money, and then there's Bitcoin. FinTech Mining  The super geeky Bitcoin is a mathematically-derived currency that promises to change the way people use money. Bitcoins are not real coins-they're strings of code locked with military-grade encryption-and people who use them to buy and sell goods and services are difficult to trace. Along with anonymous drug dealers, Ashton Kutcher and the Winklevoss twins have reportedly jumped on the bandwagon. There's something to be said about using currency that isn't regulated by the government or banks, doesn't come with the usual transaction fees and is impossible to counterfeit. Bitcoin also promises to be disaster-proof, because you can't destroy numbers in the same way that you can destroy gold reserves or paper money.

    Bitcoin is a digital currency created in 2009 by a developer hiding under the pseudonym of Satoshi Nakamoto supposedly a Japanese guy who has perfect command of American English. Bitcoin is decentralized, meaning it is not controlled by a central authority like a financial institution, country, government or individual. It is peer-to-peer and open-source, distributed across the internet from computer to computer, without need for middlemen. Compared to U.S. dollars, Bitcoin is virtually untraceable, making it attractive to libertarians afraid of government meddling and denizens of the underworld. You can use it to pay for purchases online and off, from illegal drugs on the Silk Road to legit restaurant meals.Miners then race to authenticate and encrypt the transaction, logging Bitcoin codes in a central server. Whomever solves the puzzle first gets the Bitcoins. About 25 new Bitcoins are created for every 10-minute block, but that number can increase or decrease depending on how long the network runs.

     

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    • 23 posts
    February 1, 2019 2:53 AM PST

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    • 21 posts
    February 5, 2019 6:27 AM PST

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    • 128 posts
    May 10, 2019 3:34 AM PDT

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    • 32 posts
    August 5, 2019 3:57 PM PDT

    Bitcoin is very popular and valuable cryptocurrency. Of course, there are many sites that can explain what Bitcoin is and how it works, but I prefer reading Wikipedia to find out such things. So, I recommend to check a Wiki collection on https://cryptolinks.com/bitcoin-wiki. Hopefully, you will find it helpful!

    • 6 posts
    August 6, 2019 4:17 AM PDT

    Thanks for such an informative explanation! Yeah, you're right, bitcoin is a popular digital (or crypto-) currency nowadays. It is not banked to any country's central bank and it can be used for goods or services that accept bitcoin as a payment form. The transactions between bitcoin users are usually anonymous and all bitcoins are stored in the user's digital wallet with a private key that is known to the user only.