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What is Bitcoin?

Bitcoin is a peer-to-peer payment system and is the first decentralized, digital currency. Bitcoins are units of cryptocurrency—meaning that they use cryptography in the creation and transfer of money— that you can spend across the Internet on a variety of products and services. Several Bitcoin currency exchanges exist where bitcoins may be traded for the US Dollar, Euro, and many other physical currencies. These exchanges also contribute to a determination of Bitcoin’s monetary value. Just like any financial market, the value of a bitcoin is in a near-constant state of change. This has made Bitcoin a new target of investors who seek to capitalize on short-term fluctuations of the market. In fact, speculators currently comprise the bulk of the Bitcoin market, but this is changing as more online businesses begin to accept bitcoins as a form of payment. Some physical retailers are also beginning to accept the currency. bitcoin mining with Antminer S19 Pro
Bitcoin history

In 2009, a software developer using the pseudonymous name of Satoshi Nakamoto created an open-source software program called Bitcoin. Satoshi Nakamoto translates roughly in English to “thinking clearly inside the foundation.” Clearly, the development of the Bitcoin client was most likely the work of a team of developers whose goal was to create a form of digital currency.

The early versions of the platform were riddled with technical issues, one of which permitted the unlimited creation of bitcoins. These were ironed out through trial and error until a workable version of the client allowed the first recorded purchase of goods on May 22, 2010. What was the first item purchased with bitcoins? It might surprise you that it was two pizzas. At the time of that first purchase, bitcoins were valued at just US $0.003 per coin. It cost 10,000 bitcoins to make this first purchase. To put this in perspective, in today’s Bitcoin market those same two pizzas would have cost approximately US $8,369,100. As of this writing, the value of one bitcoin is in the range of US $830.

Media attention has been more responsible than any other factor for Bitcoin’s increased market value and the wild fluctuations of the market. With the recent announcements that online retailers such as would begin accepting bitcoins as a form of payment, the currency could continue to rise. announced that in the early stages of accepting the digital currency it was processing 780 bitcoins per day for an estimated revenue of US $124,000.

You may have noticed that the capitalized “Bitcoin” refers to the software client itself, whereas the lowercase “bitcoin” refers to actual units of the currency.

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The advantages of Bitcoin

Bitcoin offers many advantages over traditional currency, including:

Freedom of payment. It is possible to send any amount of bitcoins to anywhere in the world at any time of the day or night. There are no banking holidays or closures of the Bitcoin market. Users truly have complete control over their money.
Low fee structure. Bitcoins are processed most often with no fee whatsoever, and when fees are charged they are very small. The fees charged by many retailers or processors for using bitcoins are minimal. Some entities may include a small fee is users want priority processing.
Lower risk for users and merchants. Because Bitcoin is a crytpocurrency, all Bitcoin transactions are secured through encryption and do not contain users’ sensitive information. The user is responsible for securing their Bitcoin wallet, which is basically a digital address which facilitates the transfer of currency. Retailers are less at risk from fraudulent purchases than can result in chargebacks.
Transparency. All information regarding Bitcoin, both the client and the money supply, is maintained on something known as the block chain. Any Bitcoin user can verify or use this information in real time. The Bitcoin protocol is cryptographically secured, which prevents any individual or business entity from manipulating the currency or its client.
How are Bitcoins used today?

Originally conceived as a means of digital trade, bitcoins are still most used to purchase digital goods and services. Just recently, some offline merchants have begun to accept Bitcoin as a form of payment. Here is a sample of things that can currently be purchased with bitcoins:

Web hosting services. The domain registrar Namecheap was one of the first in this field to begin accepting bitcoins.
Cloud-based file storage. Lumfile and other data storage services accept bitcoins for premium services.
Online games. Gaming giant Zynga boosted the value of a single bitcoin to US $1000 when they announced they would begin accepting the digital currency.
VPN service, books, clothing, and much more…
The biggest development in the acceptance of bitcoins came most recently when, a leading online retailer with a vast selection of products that rivals larger retailers like Amazon, began accepting the currency. Many people view this as the experiment which will encourage the largest online retailers to add Bitcoin to their list of payment options.

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What is Bitcoin Mining?

bitcoin miningAs you begin to explore the possibilities of Bitcoin and consider plunging into the world of digital currency, one term that you will encounter is Bitcoin mining. The mining of bitcoins is central to the process of creating the digital currency and making it available for exchange. While you do not need to understand Bitcoin mining in order to buy or spend the currency, mining is the method by which bitcoins can be obtained, or created, without exchanging cash. On the surface it’s a technical process, and one that can be a little intimidating, but the basic principles behind bitcoin mining can be comprehended by the new user. The best place to start is by asking, what is bitcoin mining? for mining use Antminer S19 Pro 110TH
Bitcoin mining basics

The first thing to wrap your mind around is Bitcoin’s essential nature. As a form of digital currency it exists only in lines of computer code. This significant difference is what drives the way bitcoins are created. Unlike a physical form of currency which is printed onto a tangible piece of paper, bitcoins exist only in a digital sense. Nevertheless, in order to maintain a system of exchange, there still has to be a method of creating (printing) the currency and tracking how many bitcoins are in circulation. This process is accomplished by Bitcoin mining.

The ledger of past Bitcoin transactions is known as the block chain, meaning it is a simple chain of blocks. The central purpose of the block chain is to confirm transactions that are taking place in the Bitcoin market.

Think about it this way. Before the days of computerized transactions, banks needed to maintain ledgers of their customer’s transactions and balances. This was the manner in which records were kept prior to the digital era. A ledger allowed the bank to know how much money you had in your account and it facilitated the transfer of that money to another entity. The block chain is very much like that type of ledger with a notable difference. It only exists in a digital sense. To further simplify this explanation, the block chain is the digital record of Bitcoin transactions. Bitcoin nodes use the block chain to separate legitimate transactions from fraudulent ones attempting to spend bitcoins that have already been spent. Best Hardware for mining Antminer S19 Pro

Bitcoin mining exists to provide a means for Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining also provides the means for the creation of new bitcoins. Miners are paid transaction fees, and they also receive a percentage of newly created bitcoins. This process, though it seems difficult to comprehend, is what maintains the decentralized nature of the currency. It also assists in motivating miners to provide security for the overall system.

The process requires exertion—the expenditure of energy—and the bitcoins created from mining are created at a rate that resembles the rate at which commodities like gold are mined from the physical ground.
The difficulty-reward ratio

By its very nature, Bitcoin mining must present a certain level of difficulty. Mining is purposely designed to be resource-intensive and difficult to accomplish so that the number of blocks discovered by miners each day is kept steady. Just as the US Mint cannot simply thrust millions of new pieces of currency into the market each day, thereby devaluing the dollar, bitcoins cannot be created without some type of regulation that governs the speed at which they are made available.

The technical explanation is this: mining a block is very difficult because the SHA-256 hash of a block’s header must be lower than or equal to a target in order for the block to be accepted by the Bitcoin network. Confused? Here’s a somewhat simpler explanation. The hash of each block—remember, bitcoins are essentially lines of computer code and not physical currency—must start with a certain number of zeros. The probability of calculating a hash that begins with multiple zeros is very low. This means that many attempts must be made to mine the block. Antminer S19 Pro 110TH/s
Advanced Bitcoin mining

This article is only designed to give you a basic overview of how bitcoins are created and processed across the Bitcoin network.
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