Ever wondered exactly what Bitcoin is exactly? This article is designed to give you the detailed explanation on what Bitcoin is what to do with it and how it can work for you without getting too technical about the mechanics behind Bitcoin.

1. BitcoininaNutshell

2. Bitcoinhasalmostbecomeahouseholdnamewithrisingmediaattention,and
itsreputationcontinuestogrow,fairtosay.Thenwhat'sthefussallabout?
Bitcoinappearedasanewformofdigitalcurrencyaround2009andwascreated
byacleverchapnamedSatoshiNakamotofromtheoffasanopensource.
We'reinformedthathistrueidentityis'shroudedinmystery'likehe'ssomekind
ofMarvelsuperhero,Isuspectitjustmeanshe'sasupernerd,butthere'sno
doubt,he'sapioneerforsure...
Sowhat'sitallabout?
Bitcoinisthesameasanyothertypeofcurrency,exceptitisnotunderthe
controlofanystateorfinancialinstitution.Theideaisforittobeownedand
operatedbyitsownparty.Bitcoinisde-centralizedandmanagedby
representativesofpeer-to-peerwhoallengageinnewtransactionactivities
andstorepreviousactivitiesinwhatareknownas'blockchains'.Thisimplies
thatacomplete'copy'ofalltransactionsisstoredlocallyandusedtovalidate
newactivitiesbetweenparticipants,thuspreventinganyentityfrom
malforming,insertingorcreatingfaketransactionswithintheblockchain.The
confidentialityofBitcointransactionsissecuredbythis'consensus'
approach.
BitcoinfunctionsinnodifferentwaythanPayPalinthatyouhaveadigital
walletwithauniqueaddresswhereBitcoinsmaybesenttoyoubyindividuals.
Onyourcomputer,youcansimplyinstallawallet,oryoucandownloadthe
completeBitcoinwalletandparticipateasanodeinthenetwork.Withrisky
investorsplayingonthehighs,Bitcoin'svalueisverymuchanoutcomeof
supplyanddemand.AsingleBitcoin(shownas1.0000000)iscurrentlyworth
£573,or$935.Ineitherofthe8decimalpoints,youcanbuyBitcoins,sofor
instance,0.0100000willcostyou£5.70and0.1000000wouldcostyou£
57.00,nowonderthatBitcoinreceiveditsname!
OK,wheredoIbuyBitcoins?
UnlessyouhavesomeBitcoinscomingyourwayviaapayment,youwillneed
topurchaseBitcoinsinyourexistingcurrency.Purchasingisallabouttrustas
itisnotregulatedsoifyoudon'twantthatriskIhighlyrecommendyoutry
thesesites https://cutt.ly/qhnF0WM or https://f.ls/6KbDq
Theyaregreatforeitherbuyingorsellingwithgreatoptionsnomatterwhere
youarefrom.

3. TheBitcoincoalface
Bitcoinmining,asitiscalled,isthemethodofcreating(andsecuring)Bitcoins
andasmallpaymentischargedforthetimeandeffortusedbyyourhardware
andtheamountofparticipationintheformofBitcoinunits.Thisisachieved
throughavarietyofmethods,fromusingtheCPUorGPUofyourownPC(not
unlikeothergrid-basedBOINCprojectssuchasSeti@Home)tousingASIC
miners(ApplicationSpecificIntegratedCircuits),whicharedesignedforthe
uniquepurposeforwhichtheyarecreated,whichgeneratesBitcoinsinthis
case.UnlessyouhavesubstantialinvestmenttobuypowerfulASICminers
suchasthosethatcanrunat600GH/sfrombutterflylabs.com(Hash'sper
second),youwillhavetolookatUSBASICminerslikethefamous336MH/s
producingBlockErupter.YoucanbuildyourownUSBhubtyperigusingthe
BlockErupters,runninglotsofthemsimultaneously.
Thetruth,thoughisthattomakesomeseriousmoneyfromBitcoinmining,it
maybetoolateinthegame.ThedifficultyoftheBlockChain(Hashrate)isnow
suchthatevenenteringandcontributingtoaminingpool,whereminerswork
togetherandshareincome,islikelytoseemoreelectricityexpendedthanany
realfinancialgain.Thereisalsoamaximumlimitof21millionBitcoinsanditis
currentlyaround12.4millionandasmoreminersenter,thesoonerthislimit
willbereached.Itisnowmorelikelythanproducingthemthatyoucanmake
moneypurchasingBitcoinsthemselves.
ThefutureofBitcoin...
Asthecosthasbeenunpredictable,Bitcoinisanevolvingtechnology,but
latelyithasstartedtobecomemoresecureastheusercommunityexpands.
Bitcoinisseeingthenumberoftransactionshitasmuchas100,000adayas
ofthiswriting.Althoughbanksandlargecorporationsstillhavetodecide
whetherBitcoinisathreatoranopportunity,thereisnoquestionthattheyare
startingtositupandtakenoteofthisnewdigitalcurrencythatcontinuesto
expanditsuserbaseonadailybasis. Interestingly,ourenigmaticSatoshi,the
founderofBitcoin,isbelievedtoown$1billionworthofBitcoins,dependingon
thefluctuations.Don'tweallwishwe'dhadsuchanidea...
Ihopethisarticlegaveyouclarityaboutthein'sandout'sofbitcoin.Ihighly
recommendbothsitesmentionedabove,youcanfindthemhereaswellifyou
areinterested.Thanksforreading. https://cutt.ly/khnGpXror
https://f.ls/6KbDq