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If blockchain was Olympus, Bitcoin would be the mighty Zeus!
Essentially, it all started with a manifesto authored by Satoshi Nakamoto titled ''Bitcoin: A Peer-to-Peer Electronic Cash System'' on bitcoin.org. The finance world would never be the same again after that night of 31 October 2008.
Bitcoin was invented in 2008 by a mysterious and pseudonymous person or persons using the name of Satoshi Nakamoto. More than a cryptocurrency, it stands for a philosophy of decentralization and libertarianism. Unlike the mess of IBAN numbers or verifications, Bitcoin can be transferred on the peer-to-peer bitcoin network with no need of intermediaries. Being a revolutionary approach to the economy, it has been criticized by superior authorities grimly and faced with arbitrary bias. It has been accused of creating a ponzi scheme where traders will lose all their assets soon or later. But something has irreversibly alternated into something...An idea of anonymity!
How does bitcoin work? We can simply define Bitcoin (BTC) as an open-source software, a computer file. Therefore, there are no physical Bitcoins. Since it cannot be controlled or regulated, Bitcoin price has increased from zero to thousands of dollars. Following this rapid uptrend of Bitcoin value , many other cryptocurrencies have emerged. These crypto coins are named altcoin. In this article, we will try to answer the question of ''What is Bitcoin?''.
Where to Buy Bitcoin? There are multiple ways to buy Bitcoin.
You can mine Bitcoin : With the help of specialized equipment and BTC mining software, you can mine your own BTC.
You can buy bitcoin with credit card/PayPal/debit card : Today, there is an enormous brokerage cryptocurrency exchange service market out there. All you need is a Bitcoin wallet address and direct your BTC there.
You can store your BTC in a Bitcoin wallet : There are many Bitcoin wallets where you can buy and trade cryptocurrencies and fiat currencies in pairs.
How Much is Bitcoin? The number of Bitcoins in circulation is limited. Therefore Bitcoin value, just like other assets, Bitcoin price differs only up to the supply-demand relationship. When traders start buying Bitcoins - due to the limited amount of Bitcoins in circulation - Bitcoin price starts to increase and when they dispose it starts to decrease. (Today, 08.04.2021 , 1 BTC Price : $ 57.155)
Where to Sell Bitcoin? No matter if you are a BTC miner or an ordinary trader, you need to create an account on an exchange platform to sell Bitcoin. These platforms place a detailed streaming chart for every crypto coin and Bitcoin price. You can monitor Bitcoin value and sell BTC of yours in the price that you are looking for.
As far mentioned, Bitcoin trading an enormous industry with hundreds of exchange companies and crypto wallets. In order to benefit from these services, traders will need to pay Bitcoin fees. Once you own a Bitcoin account, for every transaction you will pay a Bitcoin trading fee including Bitcoin transfer fee and network fee. Every exchange establishment offers different Bitcoin transaction fee. Therefore, it's an essential specification to find a crypto wallet with lower BTC trading fee. Although there is a low BTC transaction fee between wallets, to cash out your Bitcoin in fiat currencies, you need to pay a higher BTC withdrawal fee.
How to Mine Bitcoins? Bitcoin was designed in chains of blocks (Blockchain) which every block is 1 MB (megabyte). We can define mining as the addition of new blocks to the system by deciphering cryptographic codes by a Bitcoin mining software and Bitcoin mining calculator. The decryption will operate depending on the processor capacity of the Bitcoin mining machine (computer) and the length of the code. The miners are rewarded with Bitcoin through the blocks created by decrypting them. It is estimated that Nakamoto had mined more than one million Bitcoins before his disappearance and there are still 20 million of them out there.
Is Bitcoin Mining Profitable? Bitcoin mining is expensive, exhausting and relatively rewarding. Nevertheless, free bitcoin mining has a magnetic appeal for many cryptocurrency enthusiasts because of the fact that miners are rewarded with crypto coins.
In order to process cryptocurrency exchanges including bitcoin trading exchanges and buy /sell Bitcoin, you need to create a Bitcoin account. There are hundreds of Bitcoin trading companies promising best cryptocurrency exchanges in the industry. Before signing in one, you must be extra careful about Bitcoin transaction fees and Bitcoin exchange rate of the company. Surprising Bitcoin fees can be very disturbing after a completed BTC trading. To avoid this, please read Kazan.io’ s customer reviews to learn about companies serving the best Bitcoin exchanges and BTC exchange rate.
What is a Bitcoin Wallet? We can simply define it as a digital wallet to keep your digital assets. There are multiple Bitcoin (crypto) wallet types such as cold storage, hot wallet, paper wallet, desktop wallet, mobile wallet, web wallet and hardware wallet. All these types will provide you a Bitcoin wallet address that you can use for your transactions just like a bank account.
How to Get a Bitcoin Wallet? You can view the best Bitcoin wallets in Kazan.io and read the customer reviews to make your mind to join in one.
How Much does Bitcoin Worth? Through the last 13 years, Bitcoin value has changed in cycles of depreciation and appreciation called as bubbles and busts. Due to industry quote the price depending on supply-demand, there is no exact way to make Bitcoin price predictions. Would you like to learn Bitcoin price USD? Simply google for the Bitcoin price chart or open your digital wallet’s Bitcoin chart from your account.
Bitcoin price is mostly known for its high volatility. BTC trading is considered as reliable/risky as any other assets in the financial sector.
We can not say whether Bitcoin is legal or illegal. Bitcoin is a symbol of a new world which is decentralized and liberated. When the subject is ''Decentralization in Finances'', you can easily understand the approach of ministries of Economy worldwide. Many country leaders are making continuous statements for legalization of Bitcoin. They claim BTC is safe only when it is tracked and taxed. But all these demands are against the idiosyncrasy purpose of mighty Bitcoin. Forthcoming days will show how miners, traders and governments will take position in this warfare.
Bitcoin reviews are divided in two since the first step of it in the finance sector. Bitcoin complaints attract attention on volatility of Bitcoin price according to speculations, political scandals and tweets of the most wealthy people in the world. Some of them excoriate the traders being members of a nonsense ponzi scheme whereas environmentalists are furious for bitcoin electricity consumption. At 600 seconds, it will cost 72,000 GW of electrical power to mine -1- Bitcoin. To give you a perspective, we would like to inform you that Portugal consumes 47,000 GW of energy annually. Positive Bitcoin customer reviews are on one mind about the revolutionary attempt of Bitcoin and the honest reality that every asset has a relative risk in the finance sector. Would you like to read current Bitcoin investors' BTC reviews? Please go to Kazan.io to view the genuine BTC customer reviews.
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