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 can be used as valuable storage or value transport
Buy or sell 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.
That’s what a Bitcoin miner looks like. Is about antminer s9 the most profitable Bitcoin miner
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.
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.
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.
Besides, this anonymity thing lasts as long as you know what you’re doing.
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.
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.
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