In this article I'm going to talk about Bitcoin and its emergence and its ecosystem, what it is, and the mystery of who created it or what group created it, and what it's used for in the real world, and its history to date, I know there are a lot of “why's” but I'm going to talk very quickly and answer every question in this post, and if you want to delve deeper into the subject, just click on the sources at the end of the post.
Article map
- Presentation on the subject: About Bitcoin
- When Bitcoin was created
- What is Bitcoin?
- What are the advantages of Bitcoin?
- How to buy and sell bitcoins
- Is Bitcoin safe?
- Mining
- Conclusion
When Bitcoin appeared
Bitcoin appeared on October 31, 2008. On that day, the creator (or creators) of the cryptocurrency, who hides under the pseudonym Satoshi Nakamoto, sent an email to a list of people interested in cryptography. In the body of the message, he wrote that he had been working on “a new electronic money system that is totally peer-to-peer, with no trusted third parties”.
What Is Bitcoin?
Bitcoin is a decentralized digital payment system and currency. It was created by a person or group, going by the username Satoshi Nakamoto, who posted a whitepaper on a discussion board.
The world's first widely adopted cryptocurrency. With bitcoin, you can send digital money over the internet safely and directly. It is a decentralized digital currency used for encrypted peer-to-peer (P2P) transactions, without the need for a central bank.
Bitcoin operates without a financial system or government authorities and doesn't require the involvement of financial institutions. It can be used as an alternative to fiat currencies or as an investment bought through crypto exchanges. It utilizes peer-to-peer transfers on a digital network that records and secures all transactions. This network uses a blockchain, an open-source program that chains transaction histories to prevent manipulation.
What are the advantages of Bitcoin?
Bitcoin has many properties and uses, but we're going to look at a very specific one: bitcoin as a currency. But what are the advantages of bitcoin as a currency? There are many! Let's highlight the main ones: freedom of payment, lower fees, security, privacy, control and transparency.
No Bitcoin can be confiscated, you can send it to whoever you want by paying lower fees. In addition, it is secure and provides more privacy, control and transparency in negotiations. However, Bitcoin can also be used as an investment for those who are looking to diversify their assets for better gains. Bitcoin has brought excellent returns and the trend is for it to become more popular in the long term.
How to buy and sell bitcoins
There are currently three ways to acquire bitcoins efficiently: by mining, buying on exchanges or buying directly from other people.
Mining
You can acquire Bitcoins by mining. You will need to buy a computer specifically for this purpose and give your computing power to the network by confirming transactions.
Foxbit
You can buy bitcoins through exchanges like Foxbit. Exchanges are websites that bring together buyers and sellers in a secure environment, where exchanges take place anonymously and quickly.
P2P
It is also possible to buy Bitcoins directly from other people, without having to go through an exchange. The problem is that you'll need to find someone you trust and who knows bitcoin, because scams in this type of transaction are common.
Is Bitcoin safe?
A very common question is about the security of Bitcoin. Is it safe to have bitcoin? The answer is simple and was given in the video above by experts on the subject: bitcoin is safer than the money you have in your bank today. If you know bitcoin, you'll know the level of security it provides is far superior to that of traditional banks. In Bitcoin there is not a single point of failure, for a malicious actor to be able to attack the network it would be necessary to hack into millions of computers around the world, an impossible task. Whereas in traditional banking systems there are only a few central servers and all transactions are hidden from the public.
Mining
For the system to work properly and securely on the blockchain, powerful calculations are needed to maintain the codes and cryptography. And those who solve these calculations are called miners. Several people participate in the mining network, and whoever manages to solve the mathematical challenge first receives bitcoins as a reward.
Conclusion
It's a lot of information to assimilate for those who aren't familiar with the subject, this article covered the most common terms and read on the internet, in the sources there is a vast amount of support material and of course the great network, I'm here to acquire more knowledge and this article for me, serves as a trigger to read and study more, knowledge doesn't take up space and makes us less ignorant.
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Sources:
https://bitcoin.org/bitcoin.pdf
https://www.infomoney.com.br/guias/o-que-e-bitcoin
https://en.wikipedia.org/wiki/Bitcoin
https://www.youtube.com/watch?v=-1ErJsH73Lk
https://www.bbc.co.uk/bitesize/articles/zfsvy9q
https://www.investopedia.com/news/how-bitcoin-works
https://foxbit.com.br/o-que-e-bitcoin
https://blog.nubank.com.br/o-que-e-bitcoin
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