Bitcoin: The Definition of Bitcoin and the Benefits of Using Bitcoin
Bitcoin is a virtual currency developed in 2009. Found by Satoshi Nakamoto and this currency is like a Dollar, Pound Sterling, Rupiah, or other currencies, but only in the digital world. The concept may sound like e-Gold, despite it is actually much different. Bitcoin developers assume that a good currency is not controlled by the government or central bank. According to them, the financial crisis in the past showed that the government was always negligent in maintaining economic stability.
As Currency, Who issues Bitcoin?
The new bitcoin is created by a process called “mining”. In this case, you have to utilize a special PC to solve the complex mathematic formula to get a new bitcoin block. As a present, you will get some rewards of bitcoins. Usually, you may get 50 bitcoin as the prize. Next, the number of bitcoin decreases into 25 btc per block and so on it will get decreased as the circulation increases. The system has ensured that the maximum amount of bitcoin in the world is 21 million BTC so there will be no inflation.
What Are The Features Of Bitcoin?
There are at least 7 features you need to know. Consider the following explanation.
# 1 Instant Transfer Peer to Peer
Peer to peer means that it is running without having a central server. The storage server is decentralized and distributed. In this case, each user is connected one another through shared server.
# 2 Transfer Anywhere
Unlike gold, bitcoin can be sent anywhere in seconds, anytime and from wherever you want. You may only send bitcoin by using a device and you must be connected to the internet. You can send bitcoin to worldwide, as long as it is connected to the internet. Bitcoin will be stored in the Bitcoin Wallet. This wallet must be installed on both sides with compiter, laptop, tablet or smartphone. After installing the Bitcoin wallet, you will get Bitcoin Address. For easy transfer, you just need to open the wallet app, enter the Address of the transaction opponent and the amount you want to transfer, then select send.
# 3 Very Low Transfer Fee
Shipping costs can be eliminated, even until it becomes free. However, to speed up transactions, usually, your bitcoin wallet will cut costs around a few cents. No matter how much money you send.
# 4 Transactions are Irreversible
The transaction is irreversible. It means that once you transfer, then it cannot be canceled. Bitcoin is given to receiver, and the transaction cannot be canceled unless the person is willing to send it back.
# 5 Transactions are Pseudonymous
All transactions that are ever done, even a bitcoin balance owned by someone can be seen by everybody. However, we do not know who the owner of the bitcoin address is if the owner does not tell it. Each bitcoin user can actually choose whether he wants his name to appear or not. However, even if the user wants to keep his identity secret, all of his transactions can still be seen by the public and publicly monitored.
# 6 Bitcoin Not Controlled by any Institution or Government
Bitcoin that uses Blockchain database is not controlled by any parties, but it is very open to the public. It would be impossible for someone to forge transactions in Blockchain. All transactions are recorded directly, transparently, and spread over millions of servers. If there is somebody who want to deceive the transaction of bitcoin, he needs to hack thousands of servers worldwide and he must do it at the same time.
# 7 The number is Limited
The number of bitcoin is only as much as 21 million bitcoin worldwide. The system of Bitcoin creation that continues to decrease every 4 years is just similar to the economic system, that is based on deflation. With the limited supply of bitcoin, bitcoin prices will tend to rise.
Where can you mine some bitcoins?
If you want to mine bitcoins, you can visit some websites that allow the users to mine some Bitcoin. Here are some websites that you can access in order to mine some Bitcoin.
# 1 FreeBitco.in
For Bitcoin hunter, This site can be a good choice to get some bitcoin in which it can give bitcoin about 0.00000678 – 0.75674653 bitcoin per BTC in 60 minutes once. In addition, this site provides an alarm feature, if the limit of 60 minutes has passed, then the miners can come back again to do the mining.
# 2 ClaimBTC.com
At this free bitcoin mine site, miners can get 62 – 160 Satoshi every 10 – 20 minutes. The approximate BTC obtained depends on the rise and fall of the bitcoin market.
# 3 ePay.info
This site can be regarded as the kingpin BTC, Doge, and Lite faucet. In the site, there are many partner sites that provide faucet hunting services. This site is much recommended for who want to hunt BTC free without having to wait time limit
# 4 Moonbit.co.in
The Bitcoin you get may vary with a period of 15 minutes, the alarm will sound. However, the longer you let the duration of time go forward, and then the opportunity to get a lot of Bitcoin will be greater.
# 5 Bitcoinker.com
This site can be integrated directly with wallet vip.bitcoin.co.id. The BTC you get can be directly sent to the main wallet. Inside this site, you can get 100 to 500 Bitcoin per 15 minutes. Therefore, you may try this site if you want to mine some bitcoin for free.
Well, that’s all you need to know about Bitcoin which you have to know as the most popular virtual currency. In fact, there are some other virtual currencies like LiteCoin and Dogecoin as the alternative of Bitcoin. Using this bitcoin, you can save your money without worrying about inflation. In addition, you can also use Bitcoin to shop online because some online stores already support Bitcoin. Somehow, you have to patients when mining some bitcoin and make sure you also understand everything about Bitcoin so that you can keep it safe.