WHAT IS THE BITCOIN? (BTC)

what is the bitcoin
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WHAT IS THE BITCOIN (BTC)? 

What is the bitcoin, Bitcoin (BTC) is the first decentralized cryptocurrency released. Due to the use of “Peer to Peer (P2P)” technology, all transactions are processed on the Blockchain network and thus transactions are easily tracked. This cutting-edge technology ensures that Bitcoin has a transparent and reliable structure. 

WHAT IS THE PURPOSE OF BITCOIN? 

Bitcoin aims to eliminate the dependency on the central system by converting the paper and metal money that we use today into digital money. As the money market becomes decentralized, manipulations in the financial field will prevented. 

WHEN AND WHO INVENTED THE BITCOIN (BTC)  

Bitcoin (BTC) was introduced to the world on October 31, 2008, by the person or group thought to be using the pseudonym Satoshi Nakamoto, by publishing an article titled “Bitcoin whitepaper”. On January 3, 2009, the first Block in the Blockchain was revealed. After this block was revealed, the first BTC transfer was made between Satoshi Nakamoto and Fal Finney on February 12, 2009. 

what is the bitcoin

WHEN DID THE MARKET VALUE OF BITCOIN START FORMING? 

The market cap of Bitcoin (BTC) began to form in October 2009. The first market value was determined on an exchange called “Liberty standard”. While approximately 1,309 BTC could be bought for 1 US Dollar in the specified year, the amount to be paid for the same amount of BTC today is more expensive. 

WHEN WAS THE FIRST PAYMENT MADE WITH BITCOIN? 

The first payment with Bitcoin (BTC) took place in May 2010. On a form site, an American citizen named Laszlo Hanyecz stated that he would buy pizza and pay with Bitcoin (BTC). Another user who received this request accepted Laszlo Hanyecz’s offer and received 10,000 Bitcoins (BTC) in exchange for 2 pizzas. The date of this first transfer is now celebrated as Bitcoin Pizza Day”. 

WHEN WAS BITCOIN (BTC) 1 DOLLAR? 

After the first payment with Bitcoin (BTC), the total market capitalization reached an average of $ 1 million in the months that followed. Its financial value increased rapidly, and on February 9, 2011, 1 BTC became equal to 1 US Dollar. 

what is the bitcoin
What Is The Bitcoin?

SUPPLY / DEMAND BALANCE? 

Bitcoin, the first currency of the crypto money world, has a supply of approximately 19 million today. It is foreseen that this supply will be limited to 21 million units in 2140. The demand for BTC, which has a limited supply, is increasing day by day. 

HOW TO MINING BITCOIN? 

Since the first day Bitcoin was launched, mining has been done with different devices. Today, graphics cards are used. Each new user joining the mining system increases the difficulty level of mining, but shortens the time of the transactions. Bitcoin (BTC) mining is done by adding new blocks by decrypting cryptographic passwords. The processing time varies according to the characteristics and power of the device used. 

The “Proof of Work” method is used in Bitcoin (BTC) mining. Miners are paid a transaction fee after decryption for block generation. 

CAN BITCOIN (BTC) BE HACKED? 

Hacking Bitcoin (BTC) is nearly impossible. The blockchain network is constantly controlled by miners, and approval of all miners is required for each new block. After all miners approve, the Bitcoin Ledger is updated. 

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