Bitcoin is the new Gold, a hot cryptocurrency that everybody wants to be part of. If you are not familiar with the cryptocurrency world and are still researching the market and wondering whether or not purchasing Bitcoin is the way to go, this article might serve as a guide that will walk you through the basic concepts of bitcoin.
First fact: Bitcoin is a cryptocurrency. If you are new to this world, chances are, you don’t even know what a cryptocurrency is. That is okay. The crypto in cryptocurrencies is derived from the word cryptography, a computer tech that is used for many things including securing and hiding information. So, cryptocurrency is money in electronic format that has been created with the intent to control how it’s made, protect the users and protect transactions.
Now, on to bitcoin itself. The first thing to know Bitcoin is that it was one of the most widely adopted and vastly used Cryptocurrencies that was created back in 2009. The inventor of Bitcoin is called Satoshi Nakamoto. Now before you go on to label Satoshi as a guy, you have to understand that no one has really seen who it was. For all we know, Satoshi Nakamoto is the name used by the pseudonymous person or persons who developed bitcoin, authored the bitcoin and created and deployed the first implementation.
Bitcoin depends on a technology called Blockchain and is obtained through a process known as bitcoin mining. The blockchain is just a digital ledger consisting of blocks that are linked and secured through the use of cryptography. Everything is transparent and timestamped to prevent the medication of data. So, bitcoins are found in encrypted blocks based on the blockchain and can only be extracted through mining, a process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. 144 blocks per day are mined on average, and there are 12.5 bitcoins per block, so that means the average amount of bitoins mined per day is 1800 In conclusion, these are only the very basic facts making up the foundation of bitcoin from a very basic level, you can always look up more information. In looking up the information, check out our blog, there is plenty of information that you could learn from.