Bitcoin Presentation – A brief guide on Bitcoin digital currency

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Bitcoin Presentation – What is Bitcoin?

Bitcoin is a decentralized digital coin. That is, we talk about a digital economy on a computer that is not issued by a central bank or a leader to control it. I’ll take them one by one:

  • Bitcoin is a digital coin – that is, the whole economy, all the rules, is based on a computerized protocol. It is controlled by an open-source protocol that everyone can access.
  • Bitcoin is decentralized. That means nobody is at the top to make some decisions that influence price, inflation, and so on. It is practically a democratic currency. If there is a change the protocol needs, then a sort of vote is being held. Let’s say a developer wants to add something new to the bitcoin protocol. Write the code, put it on GitHub, where bitcoin users can download it. If more than 50% + 1 of the users download that code, then it becomes an official part of the bitcoin protocol
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For the first time in Romanian – Bitcoin coin explained by Satoshi Nakamoto

Bitcoin can be used as valuable storage or value transport

  • As valuable storage because its price increases steadily. It has ups and downs, pumps and dumps like any other asset, but overall the price increases due to adoption and the fact that there is a limited amount of bitcoins that will appear in total on the market, of 21 million. The higher the demand, the higher the price. Until now the bitterness popularity has steadily increased, so the price has grown to the same extent. Those who in 2015 bought a $ 300 bitcoin, today sell it for $ 6600.

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What is to be noticed in these charts is that the minimum value in one year has increased 4 times in the next year !!!

Buy or sell Bitcoin

  • I said it was interesting as a transport of values. Let’s say you want to send money from abroad to the country, or vice versa. Through banks, fees are charged for each operation in the form of commissions. Bitcoin has a lower commission regardless of how small or large the transaction is. So you get rid of a series of bank fees, sending money through blockchain.
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Lieutenant of Bitcoin

Mining is the process by which bitcoin is generated. Basically, you need to consume current and provide network processing power and you are rewarded with bitcoin. You have consumed current, put power on network processing, you get a proof of work and a reward in bitcoin.

At first it was possible to go with the computer (PC), because the difficulty of mining was small. That is, there were fewer participants in the competition for the same bitcoin. Then he could keep up with the PC (PC) on profit. As time has passed, the difficulty of mining has increased, and it has come to a situation where computer mining (PC) is no longer profitable.

The second stage was the emergence of mining pools. I mean, a lot of people were doing a bit of a resource, and they were fighting together for bitcoins.

With time, mining machines have emerged, which do nothing but consume current and provide network processing power, generating bitcoins more efficiently.

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That’s what a Bitcoin miner looks like. Is about antminer s9 the most profitable Bitcoin miner

The Bitcoin wallet

Bitcoin wallet is a digital environment. We need to understand what the bitcoin is and do not expect anyone to give us the physical banknote that 100BTC writes. So the bitcoin is a piece of information and the wallet stores it under the formula x has so many bitcoins. The wallet records the transactions you make and keeps in mind. You got so much money in August, you bought bitcoins in the summer and you sold them in December, you bought electronics in November. All this is stored in your wallet, which is a serial number associated with you. I mean, it’s like a bank account. At the bank you deposited so much money in February, paid with your card at the hypermarket, paid your bills, and so on. And the banks also store the information, but there, in order to store your information, it also requires commission. The bitcoin wallet registers your finances without paying administration fees.

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This is your savings card from now on, and you have to treat it as such. Do you know what’s going on? Many do not treat this thing earnestly. I was going down this thing with the card when I first used it. I was going shopping, if I was paying cash, my heart was hurting, if I had the card I had the impression I did not even pay, I felt like a hacker. It’s not like that. These are money folks! And there are big sums, which in time become even higher because bitcoin is growing in value. So do not play with your private key / password, that it will hurt you in the future.

Bitcoin Presentation

Now let’s see how the bitcoin wallet attaches to your identity. Bitcoin is pseudo-anonymous. That is, a serial number is generated (1Lc6M9CkRTJ1cxPWqZX7GKqtk3znAM3JMZ), which has nothing to do with my identity as a person. I’m Ike, you do not see my name here anywhere. If tomorrow I buy 30 pairs of skis in bitcoin, nobody knows that EU, Ike, I bought 30 pairs of skis. The transaction is instead recorded in a public register. I, serial number xyz, have paid a sum of 5 BTC to the zyx serial number, which is associated with a sports equipment store. If tomorrow, the same serial number makes the payment to a gambling site, then someone can draw the conclusion – this guy who has the serial number xyz is passionate about some sport and breaks money on the snakes. Do you understand where to knock? So yes, Bitcoin is anonymous, but the transactions you make from the same wallet are recorded together. So you’re not gonna give your public address on a wallet you pay for gambling to a serious investor. It is good to generate multiple transaction addresses that you can manage differently if you really want to remain anonymous.

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Besides, this anonymity thing lasts as long as you know what you’re doing.

Bitcoin exchanges

The exchange of Bitcoin is done in exchange or at the ATM, just like you do a simple exchange of euro or dollars. In Romania there are several legal exchanges, which are registered in Ro and pay taxes.

List of all shifting exchanges in Romania.

In conclusion

Bitcoin is a financial experiment that started in 2008 and evolves every day, and demand is great for a decentralized system.

Bitcoin can not be stopped or banned, says Kathryn Haun, US federal prosecutor, who talks about Bitcoin in an interview with Forbes.

THIS ARTCOL WAS WRITTEN IN DECEMBER 2016 AND UPDATED AS OF 20 JUNE 2018.
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