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What is Bitcoin (BTC)?

What Is Bitcoin? It’s probably the first question that comes to mind whenever you hear about virtual currencies. What is Bitcoin? It’s a virtual currency created as a digital alternative to traditional money. Despite being around for almost a decade, it remains an enigma to most people. As we dive deeper into the digital age and become more connected, so too have our methods of storing and transferring value. The rise of cryptocurrency is essentially changing the way we view money and trust. What is Bitcoin exactly? A lot of people think that it’s some magical internet money or gold in digital form. But it’s much more than that. Let's get started...
What is Bitcoin (BTC)?

In 2008, "peer-to-peer electronic cash system" for the definition of emerging Bitcoin (BTC), are not managed by any central authority, Blockchain technology is based on digital currency is a currency that is different from the traditional and running. Bitcoin is referred to as a "cryptocurrency" because it is cryptographically secured.

Alias Satoshi Nakamoto on October 31, 2008 one person or group "Bitcoin: a peer-to-peer electronic cash system" is a technical document (whitepaper) Bitcoin by publishing emerging third-party payment systems, banks and intermediary institutions to rely on the principle of eliminating the need was born. Today, the role of financial intermediaries in ensuring trust has ceased to be a necessity, with the two parties directly connecting with each other thanks to the technology that underlies bitcoin. It is not known who Satoshi Nakamoto, author of the Bitcoin technical document, is.

Why Is The Nature Of Bitcoin Special?

One of the most important concepts about Bitcoin is decentralization. No authority, central bank, head of state, company or organization controls the Bitcoin network. In today's traditional financial system, the entire order is based on a central landscape. But behind Bitcoin is only a group of volunteer code writers. All transactions and transfers take place decisively between persons.

At the beginning of the elements that make Bitcoin valuable is the "limited supply". Major actors of the traditional financial order can be printed in an unlimited number of fiat currencies such as Dollars, Euros, and Strelin. But Bitcoin's production is limited to 21 million units. One of the most basic expressions of financial theories says that if supply remains constant while demand increases, the price will always increase. The limited supply of Bitcoin, while the demand for Bitcoin has been steadily increasing since 2008, confirms these basic discourses.

bitcoin anonymous

Is Bitcoin Anonymous?

It would be untrue to say that bitcoin is completely anonymous. It can instead be described as semi-anonymous. On a traditional financial site, users must declare their identity. It is not possible to transfer money anonymously through banks. But Bitcoin users do not have to specify their names, as they can send money directly to each other without being connected to a central authority.

The only information that users declare on behalf of identity in this process is unique wallet codes. One party can provide direct shipping to the other party using this wallet code. But it is important to note that these wallets can be easily tracked. Using Bitcoin will not give you the right to break any laws, and in the event of such an attempt, you can easily get caught on the radar of security forces.

bitcoin buy

How To Buy Bitcoin?

One of the easiest ways to buy Bitcoin is through cryptocurrency trading platforms. Today, almost all platforms comply with KYC (Know Your Costumer) and AML (anti - Money Laundering) principles. In accordance with these principles, users must declare their credentials when registering on cryptocurrency trading platforms. Some of the platforms allow their users to make Bitcoin transactions without exceeding certain limits without disclosing their credentials.

Buying Bitcoin through cryptocurrency trading platforms is an extremely easy process. Binance can easily get bitcoin by transferring dollars and a different currency through banks and payment institutions, as a member.

bitcoin mining

How is Bitcoin Produced?

The process of producing Bitcoin is called "mining". Referring to a non-physical being by the concept of mining is, of course, an imaginary discourse. Behind the fact that the mentioned transaction is referred to by this concept lies the similarity of gold mining in a digital sense. 21 million pieces of Bitcoin, which have a limited supply, such as gold, will one day be completely exposed.
People who produce Bitcoin are called" miners". At the heart of mining is the task of computers with powerful processors to approve financial transactions in the Bitcoin market. The Bitcoin network rewards the miner who produces the fastest blocks and approves transactions. In a nutshell, miners get a reward in return by solving an essentially complex puzzle.

Today, good equipment is needed to make Bitcoin mining profitable. There are large companies that develop equipment only for mining. As the profitability of mining varies from day to day, the depreciation periods (ROI) of purchase costs also change when purchasing these equipment.

There is also an alternative production method called cloud mining. Miners who want to avoid hardware costs can rent online device power by registering on cloud-based network servers. If you have a good computer with a processor and graphics card, you can also perform Bitcoin mining on your own computer. But at this point, it is also strongly recommended that you constantly consider mining profitability. It is always necessary to carefully monitor industry phenomena such as your electricity unit price, current block reward, mining difficulty and hash rate.

earn bitcoin

How To Earn Bitcoin?

There are a wide variety of methods to earn Bitcoin. We can basically divide them into three: earn (such as salary and interest), produce or trade, just like traditional money.

Although Bitcoin has not yet replaced the fiat currency system today, it is possible to do things where you can get paid with Bitcoin. To do this, you can talk to your employer and tell them that you want to get your salary in Bitcoin. In addition, if you specialize in the cryptocurrency industry and have a job in this field, it is very likely that you will be able to get your salary through Bitcoin.

Businesses that lend and interest with Bitcoin have also emerged. Bitcoin, which you entrust to these businesses, is used by the company for various financing transactions or lending to other users. In this way, the company shares its revenue with you. Although this system is similar to the banking system, it is important to note that not every country has laws governing cryptocurrency transactions, not every law applies worldwide. At this point, it is vital to select Only those companies that are very well known, have high liquidity and are sure to be safe. As in all areas, you should be wary of fraudsters in the cryptocurrency sector.

Some websites refund some of the amount you spent on your purchases to your account via Bitcoin. This system is called "Bitcoin cashback". Again, you can also earn Bitcoin with a shopping site that you are sure is reliable and implements this system.

Today, perhaps the most common way to earn Bitcoin is trading, that is, trading Bitcoin. Just like in traditional markets, you can sell your Bitcoins on Binance and buy other cryptocurrencies. You can also expect to make a profit by taking advantage of price rises without selling the Bitcoins you buy.

Is Bitcoin Safe?

The security of Bitcoin, which draws its power from its infrastructure based on Blockchain technology, is among the most decried and speculated issues since the birth of cryptocurrencies. That emerged in the early years of semi-anonymity due to terrorist financing, money laundering, and illegal payments, which is frequently used in the headline launched and hacking incidents often BTC, is an entity that inspires fear in the people of that period, also in today's world of bitcoin to a very wide audience appeal, and that can be used as an investment tool, it is possible to say.

When it comes to Bitcoin security, it is possible to list various security phases such as the security of the Bitcoin network, the security of the BTC as a cryptocurrency (risk of theft), and the safe/risky of Bitcoin trading.

The Bitcoin network has a high level of security. Blockchain technology, distributed and cryptographic infrastructure allow transactions to be carried out within a high security framework. To date, no hacking or theft has occurred directly over the Bitcoin network. Infrastructure problems of low-security platforms, traps called Ponzi schemes, security weaknesses caused by people or intermediaries through fishing and similar means can lead to such events.