What is Bitcoin?
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Here are 10 simple question to what bitcoin is and how it works!
WHAT IS BITCOIN? Bitcoin is a Decentralized Digital currency that allows a digital peer to peer transaction, face to face or country to country in an instance. Since there are a finite number of bitcoin In existence, the value with grow over time.
WHAT IS BLOCK CHAIN? Block is the Digital ledger where past and current transactions that take place are in chronological order for public record.
WHAT IS DECENTRALIZED? Decentralized means that there is no central storing place and No Middleman or Financial institutions stand in the way of a transaction. Bitcoin is 100% peer to peer
WHAT IS BITCOIN SCARCITY? Since there a 21 MILLION Bitcoin that are in existence and 16.5 MILLION are already in circulation. It’s basic supply and demand. For example, when a hurricane comes by, the value of something like water can go up simply because there is a limited amount available.
HOW ARE NEW BITCOINS CREATED? Well anyone with an internet connection and the right software can actually mine bitcoin and other cryptocurrencies. And all it is, Is the process of solving complex mathematical algorithms and when those equations are solved. The people (miners) are rewarded a certain amount of bitcoin.
WHAT IS BLOCK HALVING? Block Halving is an event that takes place about every 4 years that rewards miners 50% of what they are used to earning for solving a block. For example, I’m a miner and I usually get 4BTC for every success block or equation solved, When a BTC halve takes place, I would begin to earn 2 BTC for each one.
WHAT IS A CONFIRMATION? when miners from around the world validate a transaction. The other night I sent BTC from one wallet to another and in the lock change, I saw ⅙ was verified. After about 5 of them, I saw the BTC I sent show up in my other wallet.
WHAT IS A TRANSACTION ID? When a transaction or a deal takes place, There is a unique code attached to it. That unique code allows us to find that specific transaction in the blockchain. So It comes in handy when you’re making a ton of transactions and need to go back to check on one.
WHAT IS BLOCK EXPLORER? Is the web page that we use to explore the blockchain. I can search for past transactions using a transaction ID.
WHAT ARE 3 SPECIFIC WAYS TO BUY BITCOIN? Peer to Peer, Coinbase (1 of many exchanges) and a Bitcoin ATM.
Would you like $10 in Bitcoin?
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Also here is a great free wallet you can install on IOS or Android