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Truth and facts
- Bitcoin is the first decentralized cryptocurrency operating without any authority or banks, transactions are carried out collectively by peer to peer network using blockchain technology. Nobody owns or controls Bitcoin.
- Bitcoin uses peer to peer system, with transactions take place between users directly without an intermediary.
- An innovative payment network, verified by network nodes and recorded in blockchain.
- Bitcoin is an open-source new digital money where everyone can take part.
- Fast peer-to-peer transactions & low processing fees.
- Fast worldwide and international payments, with no extra fees and amount limits.
- Most popular and well-known cryptocurrency.
- Using cryptography enforced block chain ledger, a shared public ledger to include or store confirmed transactions.
- Multi-signature feature for Business.
- No PCI standard compliance required.
- Transactions per second (TPS) for Bitcoin: 3 to 5 transactions per second.
- Fees are unrelated to the amount transferred.
- Accounting transparency.
- Scan-and-pay easy mobile payments. Using QR code and scan, or using NFC radio technology where touching two phones together will complete the transactions.
- Identity and privacy protection.
- Bitcoin payments are irreversible. Only the person receiving the payment can refund you back.
- It is important to secure your wallet in order to protect your money.
- For government taxes, you need to adhere to tax and legal mandate issued by your government.
- For signature, Bitcoin wallet uses private key or seed to sign transactions.
- The blocks in block chain represents the transactions (transactions are packed and stored as blocks).
- Using proof-of-work to record a public history of transactions.
- The key point in why Bitcoin can be a working currency for all people is that Satoshi Nakamoto solved the double spend system, where the system prevents people from giving an amount of money to two different people at the same time. Due to its digital nature, it's easy to copy but with double spend system, this problem is solved.
- Every four years, half the remaining bitcoins are given out.
- With Bitcoin, anyone can send any amount of money to anyone anywhere at any time, can't be seized or confiscated or frozen by government in any way.
- Bitcoin transactions are prioritized on the network by fee.
Story and history
- Bitcoin is created on January 3, 2009 by Satoshi Nakamoto. The real name of Satoshi Nakamoto is unknown.
- Hard forked into Bitcoin Cash (BCH) and Bitcoin Segwit (which is the current original Bitcoin BTC) on August 1st, 2017, mainly due to the 1MB block size limit.
- Hard forked again into Bitcoin Gold (BTG) on October 2017, in order to make Bitcoin mining decentralized again.
What is Bitcoin? (v2)
- Measurement for Bitcoins:
- Satoshi: total two quadrillion.
- Bitcoin: 1 Bitcoin = $7000 USD (Nov 10, 2017). Total supply: 21 million Bitcoin.
Frequently asked questions
- What is Bitcoin mining?
Bitcoin mining is a process of spending computing power on a distributed consensus system that is used to confirm waiting transactions by including them in the block chain.
- How to get Bitcoins?
- Purchase at Bitcoin trading platforms or exchanges.
- As payment for goods or services.
- Buy or exchange bitcoins with someone near you, or at a Bitcoin ATM.
- Through Bitcoin Mining.
- How to start mining Bitcoins?
Any computer's CPU will do. But due to large scale mining by some others, it's not cost-effectively to find new blocks. Specialized hardware for Bitcoin mining has to be used to start mining Bitcoins effectively.
- What is the total supply of Bitcoins available?
- Bitcoins have a fixed supply of 21 millions. Every four year, half of the remaining Bitcoins are given out. By year 2140, 21 million Bitcoins will be fully released.
- What is the smallest unit of Bitcoin?
- One one hundred millionth of a Bitcoin is the smallest Bitcoin unit. Which is 1/100000000 or 1e-8. The smallest unit of Bitcoin is also called a Satoshi, which is named after the creator to honor him.
- What is the first smallest rate (exchange rate) for Bitcoin in the very beginning?
- The first rate of Bitcoin is 5 cent per Bitcoin on July 30, 2010.
- Why Bitcoin is able to attract early adopters and so many people?
- Three main features of Bitcoin which attract so many people are:
- Bitcoin decentralized nature where no one, not even government has control over it.
- Bitcoin anonymity or pseudonymity. You can use your money they way you want without anyone or government to track and restrict you.
- Zero or low transaction cost. Compared to bank which charges people quite a lot for transaction fees, especially when performing overseas transactions, the transaction fees for Bitcoin is very low.
- As an average consumer, how do I get started with Bitcoin and use it to buy things and stuffs I want?
- First, you exchanges to get money into Bitcoin.
- Second, you need wallets to hold the Bitcoin.
- Third, you need payment processes to be able to spend the Bitcoin.
How can you get a Bitcoin debit card?
- CryptoPay.Me provides both virtual and physical prepaid debit cards. These services come at a cost. You can use these debit cards wherever major cards are accepted. Better yet, you can even withdraw money. CryptoPay claims that they deliver the physical cards worldwide without any delivery fee.
- BitPay is another popular service proving Bitcoin debit cards. These cards are Visa-branded. Hence you will have more acceptance and more flexibility on what you can buy.
- BitPay has initially started as Bitcoin POS for merchants, BitPay handles the Bitcoin payments and fiat conversions for the merchants. It has a strong reputation and serves customers like NewEgg ad Microsoft.
- There is another service called WirexApp that provides Bitcoin visa debit cards. They have both Android and iOS apps. So, you can manage Bitcoin funding into the debit card on the fly. By the way, WirexApp has an excellent user interface.
- If you are looking for more services, you can sign up for Uquid. This service also provides food and pharmacy vouches, in addition to a virtual debit card. Plastic cards will be available soon. Plus, you can do mobile data recharges.
- Bitcoin price is predicted to be 1 million on year 2020.
- In ten years Bitcoin is likely to be gone simply because most things they're new tend to fail.
- Transactions per second (TPS) for Bitcoin is relatively low compared to other currencies, which is a major problem to Bitcoin.
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