Bitcoin became controversial since its released in the year 2009. Bitcoin is a form of digital currency. A medium of exchange that uses to secure financial transactions. Bitcoin was invented by a questionable group of people or an unknown person using a name of Satoshi Nakamoto. Transactions verify the network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The blockchain is the most important element of Bitcoin. It tracks who owns what tracks assets and anyone can view it. Bitcoin network published publicly, there’s no room for manipulation of transactions.
Earning Bitcoins online
Bitcoins are rewards for a process known as mining. If we have a central bank that prints and distributes money, Bitcoin does not have. But it has special software to solve algorithms in exchange for bitcoins. Therefore, Mining is solving math problems to earn a bitcoin.
Miners usually solve problems through ordinary processors, but math problems get more difficult. Miners take a lot of time earning bitcoins. Soon after, Miners discovered graphics cards used for gaming to solve difficult level math problems. Though graphics cards are faster in solving, it generates a lot of heat and takes a lot of electricity. Then came ASIC or Application-Specific Integrated Circuit Chips designed for a Bitcoin Miner. It is way faster than any other medium to solve problems and by that, it is easy to mine bitcoins.
The popularity of Bitcoin increases that more miners are encouraged to join the network. Making it more difficult for an individual to solve math problems. Miners now develop the pooled mining. These are miners working together in achieving a common goal. If goals are achieved, the members of pooled mining will receive an equal share. Mining keeps bitcoin network stable, safe and secure.
Mining your own Bitcoin
Understanding the basics of technical analysis is an absolute must before entering the Bitcoin Trading. One of the most important tasks facing Bitcoin market participants is to understand all the inherent risks. When placing a trade, determine what price to take profits or cut losses in advance. You are in control of your money with Bitcoin.
Up to this day, the existence of Bitcoin in the internet world is still a mystery. It is still unclear in verifying the questionable value and dubious origin. Bitcoin is a platform that hosts a digital ledger on which people can mine, store and trade bitcoins, a digital form of currency earned through a computer algorithm and tied to no central authority.