What is Bitcoin?

What is Bitcoin?
What is Bitcoin?

What is Bitcoin? For our readers who first met Bitcoin or wondered what it was, we wanted to explain Bitcoin in general terms. As you increase your interest, we encourage you to read your explanations with more detailed descriptions.

Let’s start with the two videos below. These videos will introduce Bitcoin to you in general. Then you can continue typing.

Bitcoin, which emerged in 2009 and increased its popularity all the time, is now facing opposition as a power that can not be steered. This decentralized power naturally frightens financial markets, big bankers and global banks. Because Bitcoin is not affiliated to any institution, country or person! Moreover, you can not become addicted. In short, it is a completely free virtual currency. This system takes out the money required by nature to a certain extent and makes it a vehicle. In this regard, Bitcoin has tried to ignore the existing financial system, is a new experimental technology! What is Bitcoin?The number of bitcoin users in the world has reached 1 billion. – ฿ – . “BTC” is the accepted abbreviation all over the world. It was created by Satoshi Nakamoto and has been circulating in the virtual world since 2009. Bitcoin has the possibility of direct transfer to person (P2P). He does not need any car. Besides, you can shop at the business places accepting “bitcoin” on the internet. It is difficult to determine the sending source and the recipient. If you have taken the necessary security precautions, nobody can control or seize your account. Although there are reports of credibility, these security vulnerabilities do not originate from Bitcoin’s own infrastructure. We will review this topic soon under another heading.

How to produce bitcoin?

You need to mining to produce bitcoin. You can produce bitcoin virtual currency by mining in Turkish name. However, it is very inefficient to make bitcoin mining with the computers that are in your hands with the conditions. Only special machines have been produced for this business and large bitcoin fields have been established in many parts of the world. You can convert these productions to Bitcoin by producing bitcoin derivative subcoins instead. Regarding this issue What is Altcoin? you can read our article titled. First you need a good graphics card and a computer to do mining. You can also mining with the CPU, the processor. However, in today’s conditions this is quite inefficient. With computers with AMD graphics cards, you can dig and collect as many as you like.

What does bitcoin do?

You can shop online with Bitcoin or you can convert your coins into Turkish lira and currencies of various countries in various exchange sites. Again, you can include Bitcoin in your trade life by swapping your products with Bitcoin.

One Pale Bitcoin; What is / is not it? What are the advantages?

  • It’s a digital currency. There is currently no material / physical counterpart (gold silver, etc.).
  • Bitcoin is a network interaction. There is no center. A to B provides digital money transfer.
  • It can be transferred from any internet point to any internet point.
  • The mediator has no broker. Costs are very low because there is no mediator. Only the minors who approve the transfer transaction are paid a very small amount.
  • Bitcoin is written in open source and everyone is open. Everyone who owns the system owns it.
  • It is used in all countries and no one can intervene offline. In this respect, Swiss banks can be considered more secure.
  • There are no limitations, such as conditions of use, preliminary contracts or terms. If you start using it, you will not use it.
  • Bitcoins are produced by a free program called Miner.
  • The bitcoins to be produced have a certain number limit. A total of 21 million units will be produced.
  • To control production speed and inflation, the “level of difficulty” increases day by day within specific protocols. These levels are determined by the density of production on the network.
  • Every user has a digital wallet. You keep your bitcoins in these purses.
  • Your Bitcoin transfers are signed with a unique signature, which in turn is checked by miners for correctness and uniqueness. So the same bitcoin can not be used a second time.
  • With Bitcoin, you will not pay any extra to sell your product. No prerequisites are required from you.
  • Bitcoin can be converted into many currencies like TL, USD, EURO. (The sites that do this take commission.)
  • With Qr code you can make mobile payments.
  • Bitcoin stock market does not stop on weekends or holidays, it always works.
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