What is Bitcoin

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Bitcoin-logo

What is Bitcoin?

Bitcoin () is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. They can be exchanged for other currencies, products, and services.

Bitcoin has been criticized for its use in illegal transactions, the large amount of electricity used by miners, price volatility, and thefts from exchanges. Some economists, including several Nobel laureates, have characterized it as a speculative bubble at various times. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin. – Source (Bitcoin Wiki)

How is Bitcoin Generated

Bitcoins are created as a reward for a process known as Mining.

Does Bitcoin have Total Supply

There will only be 21 million Bitcoin Ever. This was envisaged at the early stage of Bitcoin to prevent Inflation since Bitcoin was supposed to be decentralized with no central authority or some group of people just cheating by generating new bitcoins and selling for fiat.

How to Buy/Sell Bitcoin to Fiat_Cash

You can easily Buy/Sell your Bitcoin on various Bitcoin supported Wallets apps and websites like Binance, Coinbase, Luno and Many more.

How to Protect your Bitcoin Asset

If you store your Bitcoin on a decentralized wallet i.e Wallet that is not controlled by a central authority, then, you have to safeguard your Bitcoin Private Key.

Private Key – Unique to every Bitcoin owner. It is never stored on any centralized database, but it is used to carry out transactions via the Bitcoin software codes, and cryptographic Interactions and Validations. We also now have a 12-word nnemonics/key phrase used to access your bitcoin private key. Make sure to store or write it down safely, because without it, you cannot have access to your bitcoin forever(it is decentralized), except your Bitcoin is stored on centralized exchanges like Binance.

Bitcoin Address – The Bitcoin address is about 26-35 character. For example, an Address looks like this: 1FoYLWWABUJp138C2EU33SKP7dHu75Up5x

How to Send Bitcoin to Another Bitcoin Address

You can either use a centralized exchange platform like Binance to send your Bitcoin to another Bitcoin address or use a Decentralized Wallet App like Klever(you have control to your private keys) to send your bitcoin to another wallet address. You simply input the Bitcoin Address of the Recieving Address, input the amount of bitcoin you are sending, then hit the send button. It may take between minutes – hours to fully recieve and use the bitcoin has it goes through confirmation and validation from various bitcoin nodes/networks.

What are the Fees to send out Bitcoin

It depends on the Network operations at the time of your Sending, but it will be shown to you before sending.

Donate Bitcoin to CryptoPot to support our Services

CryptoPot Bitcoin Address – 1FoYLWWABUJp138C2EU33SKP7dHu75Up5x

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