WHAT IS BITCOIN?

WHAT IS BITCOIN?

Bitcoin is a digital currency with which transactions can be carried out without the interference of a central authority. The cryptocurrency system is peer-to-peer open source software, which means that computers are part of a mining process for coins.  Bitcoin is a cryptocurrency that is not managed by a bank or agency, but is recorded in transactions on the public blockchain that contains records of every single transaction. The cryptocurrency is traded by people with cryptographic keys who serve as wallets. Bitcoin was first invented in 2009 by an anonymous founder named Satoshi Nakamoto. Bitcoins are shifted in blocks every 10 minutes in a decentralized ledger that connects blocks into a coherent chain that goes back to the first Genesis block. It was originally described as electronic peer-to-peer cash, but the technology has evolved to be more of a settlement layer than a payment network. This has left integrated second-layer solutions like Lightning Network to prioritize this use case. It has remained the largest cryptocurrency by market cap.

WHO CREATED BITCOIN?

Bitcoin was designed and created by an anonymous programmer or possibly a group of programmers called Satoshi Nakamoto.

HOW CAN I BUY BITCOINS?

There are several places where you can buy Bitcoin on exchanges for another currency, with both international and local exchanges available. Popular international bitcoin exchanges are Bitsquare, Coinbase and Kraken. 

HOW DO I STORE BITCOINS?

Bitcoins can be transferred from a Bitcoin exchange to one of many Bitcoin wallets, from online options to "cold stores".

WHAT CAN YOU BUY BITCOIN?

Bitcoin can be purchased through a digital marketplace, through which you can top up your account with the currency of your choice and place an order on the open market. Bank transfers are the most popular payment method. 

Is Bitcoin legal?

The use and trading of Bitcoin is legal in most countries around the world. However, since it is a deregulated market, are the governments concerned about its potential threat as an instrument for money laundering. Although mining and exchange are questionable in terms of legality , it is known to be legal for users who exchange bitcoins for goods and services. 

WHAT IS BLOCKCHAIN?

A blockchain is a digital ledger that records cryptocurrency transactions and manages records, called "blocks," in a linear, chronological order.

WHY USE A BLOCK CHAIN?

Using a blockchain ensures security and manages digital relationships as part of a recording system.

WHAT IS DISTRIBUTED LEDGER?

A distributed ledger is a database that digitally records transaction information using cryptography, making it secure and not counterfeitable.

WHAT IS THE DIFFERENCE BETWEEN A BLOCK CHAIN ​​AND A DATABASE?

There are several differences between a blockchain and a database, including the control level. Blockchains are subject to decentralized control, while a centralized database creates a dependent relationship between users and administrators. Users typically prefer confidentiality, which is better achieved through a centralized database. The performance is also different because a centralized database information can compute faster than block chains.   

WHAT ARE ALTCOINS?

The term "old coins" stands for alternative coins. Since Bitcoin was the first cryptocurrency to appear on the market, the other digital currencies that have emerged are known as altcoins.