What is Bitcoin?
A little about the basic background and activation of Bitcoin. So in this article we hope to explain to you what Bitcoin is.
The idea of a digital currency or cryptocurrency to replace the traditional currency we use today came about with the dawn of the digital age in the world. So, after about 1980, I started researching this. Somehow in the 1990s an American named David Chaum did a lot of research. But this did not become a reality at that time due to the lack of advanced development of the internet as well as equipment.
Bitcoin emerged as the world's first successful cryptocurrency in 2009 with the gradual technological advancement of the world. It is based on the concept of Satoshi Nakamoto. So here today no one knows whether this Satoshi Nakamoto is an individual, a group or an organization.
We will now talk about Bitcoin and some of the things we need to know when working with Bitcoin.
Symbol of Bitcoin
Like every currency in the world, Bitcoin has a symbol and a short name. For example, $ is used as the symbol for the US dollar and the short name is USD. Similarly for Bitcoin
- Mark - ₿
- Short Name - BTC
Used as. Also, whether Bitcoin is a digital currency or a cryptocurrency, Bitcoin is also subdivided. Just like the dollar is divided into cents. So Bitcoin also divides into tens of millions. The smallest part of that division is called a Satoshi. We can express it this way.
- 1 BTC = 10000000 Satoshi
- 0.00000001 BTC = 1 Satoshi
Activation of Bitcoin
You all know now that Bitcoin is a digital currency. So in a country where governments control and maintain every currency, governments and banks are directly involved. Through it they have the ability to print money. So the government and the banks are directly involved in our use of ordinary money. Imagine that the bank acts as an intermediary when we send money to someone abroad.
But in the case of Bitcoin, this is quite different. Bitcoin works through a technology called blockchain. So the Bitcoin network or Bitcoin blockchain is run by the people who use Bitcoin. When sending Bitcoin to someone else you do not need another party as an intermediary. Because of blockchain technology, no one but the two parties to the transaction can know about this transaction. Simply put, Bitcoin protects our privacy and enables us to transact business.
Briefly about Bitcion Minners and Bitcoin Mining
Let us explain it like this: As we said earlier, a network with an intermediary transaction (Network) can be described as a Centralize Network. Also, a Peer to Peer Network is a network that allows two people to make transactions directly or person to person (Person to Person) without intermediaries. So there is no Central Authority to control the Bitcoin network or blockchain. But there are people who contribute to the running of the Bitcoin blockchain. They call themselves Bitcon Minners.
So let's talk a little bit about Bitcoin Mining. Running a Bitcoin Blockchain requires a large number of interconnected computers. So the Bitcoin Blockchain gives a small amount of Bitcoin Rewards to the connected computers. This is why he says he can make money by mining Bitcoin. What we wanted to explain was that Bitcoin Miners themselves conduct Bitcoin Bitcoin transactions or transactions by linking customers. So a large number of Bitcoin Minners are connected to the Bitcoin Blockchain.
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