? What is Bitcoin and how to earn it
?What is Bitcoin
... digital currencies have become the most important concern of many investors and economists around the world, which led to the emergence of a digital virtual currency called Bitcoin. It is the first decentralized, peer-to-peer, fake electronic digital payment network. Under the name "cryptocurrency"
It is a fictitious or virtual electronic digital currency, which does not have any physical presence, it is traded via the Internet only, and it differs from the rest of the traditional currencies. Electronic banks that are used through Internet transactions and are not subject to any authorities or central banks
History of Bitcoin
Bitcoin first appeared on January 3, 2009, from a named brigade who called himself “Satoshi Nakamoto” and does not know whether it is a man, woman, organization or government, and described Bitcoin as an electronic cash system that relies on peer-to-peer financial transactions. It means the direct dealings between the buyer and the seller without an intermediary between them
In August of 2008, bitcoin.org was registered as a domain and the first version of the coin was launched in January 2009
In 2016, Australian businessman Craig Wright said that he invented the currency, and the first trading price between bitcoin and the dollar was published, and one bitcoin was equal to $ 0.001.
bitcoin how does it work ? Basics of Bitcoin work
In order for Bitcoin to operate, there must be two basic types of blockchain technology and the mining process
Blockchain technology
It is a shared, open, and distributed digital registry that can efficiently record transactions between parties and is made up of all Bitcoin transactions executed up to this point. These transactions are grouped together into "groups," which are secured by encryption during mining operations
Bitcoin mining operation
The second basic stage is the Bitcoin mining process, which depends on documenting the transactions that take place in this currency by other users, where the person who works at the miner gets a percentage of the bitcoin currency, which will make him earn an additional profit .
But the Bitcoin mining process, with the great technological development and the increase in the number of demands for it, has become very difficult. You need huge sums to investing in the mining device, so some other mining methods have been resorted to, and people can contribute to mining Bitcoin to obtain parts of this digital currency and add it to their Bitcoin wallets, but the mining process consumes a large part of the energy, which reduces profits
Bitcoin miner
The use of home computers is no longer feasible for mining Bitcoin, as people now use special mining devices that consume less energy and mine Bitcoin at a faster rate. And in order to get the mining device you have to invest a large amount of money
There are many Bitcoin mining devices, but they are different from each other, you have to choose one of them by taking a set of factors into account, as you must first pay attention to the performance of the device and the extent of electrical energy consumption, in addition to the cost of the mining device
Bitcoin features
Send and receive any amount of money in real time from or to anywhere in the world via the Internet without a middleman
Bitcoin is powered by blockchain technology that operates in a decentralized manner which makes the transfer process extremely easy as it takes place between two parties only
Provides privacy and protection for the identity of its owner, as the transactions do not reveal any information about the sender, such as his whereabouts and other personal information.
Ease of payment and Bitcoin allowing its users to have complete control over their money
Transaction fee and transaction fees are small compared to the size of the amounts sent
A digital currency that can be compared to other traditional currencies such as the dollar or the euro
It is not affiliated with any government agency or any government agency because it is independent of any political influence
Payments can be made in Bitcoin without any restrictions such as public holidays Without cards
Many international companies accept Bitcoin payments, such as Microsoft. AT&T Corporation. BMW. Home Depot and USAA
Disadvantages of using Bitcoin
Everything has its advantages, it must have some negative faults. We'll show you the disadvantages of using Bitcoin
The use of Bitcoin is not subject to any regulatory or government agency that supervises it, which makes you unprotected by hackers
They were frequently used in illegal activities . Which makes it gain a negative reputation among people
If you lose the key to your Bitcoin wallet, there is no way to recover it, leaving your funds frozen
The price and value of Bitcoin is unstable and it is very volatile due to a limited amount of coins
Many fraudulent platforms for trading Bitcoin. One of the cases of fraud on traders
Slowdown in processing transactions, unlike central networks
Bitcoin protection from fraud and theft
Back up bitcoin and cryptocurrencies to ensure the safety of your funds and the security of your wallet
Choose strong password encryption that includes numbers, letters and symbols
Securing the key of your bitcoin wallet, as each wallet is linked to its own encryption key, a code that allows you to decrypt the wallet and access digital currencies that you have stored in a secure manner.
Use a safe and reliable exchange software store like "Coinbase" and avoid any anonymous source
To get the bitcoin currency, all you need is a bitcoin wallet in order to deposit the bitcoin currency, which you will get through several methods, including buying from companies that provide this service, or by someone who wants to sell bitcoin by exchanging it for the traditional currency. Currencies like the dollar and others. Via Paypal, credit card, bank transfer, accounts, or approving exchanges for payments for thousands of goods and services provided online or through mining, but mining at the moment is very difficult.
