Bitcoin is the first and best-known cryptocurrency created by the unknown group or individual named Satoshi Nakamoto. The coin provides it’s users with the ability to send and receive money using peer-to-peer technology which means that no third party is involved. It is community managed, without central authority or control.
The transactions and ownership of the coins are stored in the blockchain by cryptography, advanced math and miners who dedicate their computer processing power to running the bitcoin network and receive BTC in return.
You can buy bitcoin in many ways and on many different platforms. Some of the more commonly platforms with a wide range of payment options are:
There are some important parts that keep the Bitcoin Network running; The technology, the miners, and investors which are everyday people like you and me.
Traditional currency goes through a central payment processor like a bank or credit card company. Bitcoin does not make use of a Central party but instead uses a distributed network of computers that are part of the bitcoin network.
Transactions are processed and saved in a Ledger (record) which we refer to as a blockchain. These transactions are continuously being updated and are sent out to every computer that processes BTC. The transactions are encrypted and verified in the network to ensure that every part of the network has identical versions of the blockchain. All of this is powered by what we call Miners.
Bitcoin miners are people that use computer processing power to fuel the Bitcoin blockchain. Miners use computers to verify and record btc transactions for which they receive btc in return that are derived from fees and newly mined bitcoin.
Participants use GPUs to discover solutions to complex hashing puzzles. These puzzles are 64-digit hexadecimal numbers which miners have match. So in other words; guesswork performed by supercomputers.
As we grow we will dive deeper into the fundamentals of BTC. We will elaborate on mining, the technology behind the coin, how to make profit as a small investor and much more.
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Unknown Group or individual named Satoshi Nakamoto.