Bitcoin and cryptocurrency fall by 80% in value


What is a Bitcoin?

Bitcoin is what is referred to as "cryptocurrency".

It is the Internet version of money – a single piece of digital property that can be transferred from one person to another.

Bitcoins are generated using an open-source computer program to solve complex mathematical problems. This process is known as mining.

Every Bitcoin has its own unique fingerprint and is defined by a public address and private key – or strings of numbers and letters that give each one a specific identity.

They are also characterized by their position in a public database of all Bitcoin transactions known as blockchain.

The blockchain is operated by a distributed network of computers all over the world.

Because Bitcoins allow people to exchange money without involving third parties, they have become popular among libertarians as well as technophiles, speculators and criminals

Where they come from the bitcoins?

People create Bitcoins by mining.

Mining is the process of solving complex math problems using Bitcoin software computers running.

These mining puzzles become increasingly difficult when other Bitcoins come into circulation.

Prizes are halved at regular intervals due to a deliberate slowdown in the speed with which the new Bitcoins come into circulation.

Who is behind the currency?

Bitcoin was launched in 2009 by a person or group of people operating under the name of Satoshi Nakamoto and then adopted by a small fistful of fans

Nakamoto left the map while Bitcoin began to attract attention, but supporters say it does not matter: money obeys its internal logic.

Dr. Craig Wright was suspected as the creator after a Wired report last year and has now confirmed his identity as the founder of cryptocurrency.

What is a bitcoin worth?

Like any other currency, Bitcoins are worth as much as you and your counterpart want them to be.

  Bitcoins are lines of computer code that are digitally signed each time they travel from one owner to another. Physical Money Used as Illustration

Bitcoins are lines of computer code that are digitally signed each time they travel from one owner to another. Physical coin used as an illustration

In its early days, repeaters exchanged Bitcoins back and forth for minor favors or simply as a game.

A website even gave them away for free.

With the maturation of the market, the value of each Bitcoin has grown.

Currency is widely used

It is debatable. [19659002] Activities ranging from the WordPress blogging platform to the Overstock retailer have climbed onto the Bitcoin bandwagon amid a burst of media coverage, but it is unclear whether the currency has really taken off.

On the one hand, Bitcoin's main payment provider works with more than 20,000 companies – about five times more than last year.

On the other hand, the total number of Bitcoin transactions remained at approximately 60,000 to 70,000 per day during the same period, according to the Bitcoin portfolio site

Is bitcoin particularly vulnerable to counterfeiting?

The Bitcoin network works by exploiting the greed of individuals for the collective good.

A network of expert technology users called miners keeps the system honest by pouring its computing power into a blockchain, a global count of all bitcoin transactions.

The blockchain prevents thieves from spending the same bitcoin twice, and the miners are rewarded for their efforts by being equipped with the occasional bitcoin.

As long as miners maintain secure blockchain, counterfeiting should not be a problem.

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