What is Bitcoin BTC | Explanation of Bitcoin for beginners
Who among us has not heard of the bitcoin hype in the global market? Bitcoin has become an increasingly popular financial tool, although not everyone understands the basics behind electronic currency. This article pledges to bridge the gap for you and everyone who is still researching and searching for a detailed Bitcoin full explanation such as:
What is Bitcoin? And we will address other basic questions related to explaining Bitcoin, such as: How does Bitcoin work? How to mine bitcoin? Is Bitcoin risky? And more. This article will also provide an overview of advanced Bitcoin concepts, such as explaining blockchain in Arabic, payments and transfers through Bitcoin, among others.
Bitcoin explained in the first place
To better understand what is Bitcoin, you need to learn about Blockchain technology
The blockchain infrastructure in Bitcoin has introduced a revolutionary way to store financial data that can be accessed by anyone, and it is completely transparent to you, and it is developed using open source code, and does not belong to any person or entity. Instead, blockchain system maintenance is performed using the collective power of millions of computers that verify and confirm transactions, and then add them to the "block". Collectively verified transactions cannot be modified or deleted, thus all Bitcoin transactions are final and indisputable.
Bitcoin mining method
Once a new block is created in the blockchain, it is rewarded with 12.5 Bitcoin, which occurs approximately every 10 minutes. This is the reward for the alleged bitcoin mining operation, which spends electrical and computational energy on maintaining the network. Bitcoin mining involves a lot of specialized people and companies around the world, which create the primary value of Bitcoin.
The system creates new Bitcoins automatically and regulates the speed of this process automatically, so there is no way to circumvent the global rules and earn Bitcoins faster, except by increasing investments in bitcoin mining hardware and spending on electric bills. The reward for each block will be halved in 2020 and will be halved every 4 years, until 21 million Bitcoins are created. This means that Bitcoin has limited potential for value growth.
But what are the main Bitcoin mining methods?
1. CPU mining
These free Bitcoin mining methods are considered one of the most difficult and least productive methods, as they were used at the beginning when the possibility of mining Bitcoin was discovered, but it did not help much, as it would take a year and maybe years for you to be lucky to collect anything at all.
2. Mining with graphics cards
And it is one of the methods of mining Bitcoin for free, but it will take more than 100 years to mine one Bitcoin, it was more effective in the past, but things have changed in recent years.
3. Mining with bitcoin cloud mining companies
They are dedicated companies that buy many advanced mining equipment such as Antminer T9-12.5TH / s and others, and use the devices of everyone in the network of those who join them and distribute the profit rates to them in the long run. Companies like Genesis Mining and HashFlare are among the leaders with the highest profitability in the market.
The high price of bitcoin mining devices and the lack of their results opened the way for bitcoin CFD trading to investors and those interested in taking advantage of the price movements of this cryptocurrency.
Bitcoin trading
Who Invented Bitcoin?
Bitcoin is believed to have been created by Satoshi Nakamoto, who announced the invention on October 31, 2008, in an encrypted mailing list within a research paper called Bitcoin: A Peer-to-Peer Electronic Cash System. The most interesting thing is that his name may be a nickname used by the unknown person or the people who originally designed Bitcoin. In 2016, Australian businessman, Craig Wright declared himself Mr. Bitcoin - a statement that has been widely accepted by prominent members of the bitcoin community.
When was Bitcoin created?
Bitcoin's financial history originates in 2010, when someone bought pizza. The pizza was not the most important part of the deal - but what was used to pay for it. The cost of the meal was 10,000 Bitcoins, perhaps funny now, but this was the first time that this electronic currency was used to buy something in the real world. This day is celebrated annually by Bitcoin enthusiasts as Bitcoin Pizza Day.
Things have come a long way since then. Bitcoin use and its value have skyrocketed. If that person had saved that dinner and stuck to that 10,000 Bitcoin, maybe if he had made history today, he would have had about 20 million dollars a few years later!
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Where can I use Bitcoin?
There are tons of things you can buy with bitcoin - besides pizza! There are more places that accept Bitcoin transactions. According to Coindesk, in 2015 the number of merchants accepting Bitcoin transactions exploded. Many of these were online e-commerce sites, but an increasing number of stores from various industries also accept BTC. The list is constantly expanding, and you may soon be able to spend it literally anywhere you like. Here are some examples of products you can buy with Bitcoin,
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