What is Bitcoin?
Bitcoin was experimentally initiated by Satoshi Nakamoto in 2008 and emerged with the definition of the electronic money system of the person.
It is a virtual currency that is decentralized and not affiliated with the official organization. A digital payday that can be bought and sold without the need for third party services like any brokerage house or bank, as it is in other currencies.
The bitcoin, shown as an alternative to strong currencies such as American currencies and Euro on the world, is abbreviated as BTC and is indicated by ฿ symbol.
It is also defined as a payment system that will replace the money in the future. Although many claims have been made in this regard, it is estimated that such a thing will not happen yet.
The value of bitcoin, unlike other currencies, is increasing with respect to people's interest. The rise in prices has accelerated as more people have shown interest and increased demand as a result of starting to gain value.
As a result, it gained 1600% in 1 year and the price approached 20 thousand dolars.
There is no central authority in bitcoin production and circulation. That is, there is no central bank and mints that have the authority to issue a currency. Instead, open source software is available.
These codes, which can be downloaded and reviewed by anyone requesting it, are used in the production and control of all crypto money, including bitcoin. It is also known that after the emergence of Bitcoin, nearly 1,500 crypto coins were created and continued to be created.
The technology behind Bitcoin is the block chain. This technology, which you will often hear with the name blockchain, can be thought of as a chain linking all bitcoins.
All bitcoins that are produced and transferred between people are written by digital miners to digital blocks.
On this count, a bitcoin is used only once. All transactions are made with a block record and are called blockbreak.
Blockchain, everyone is open and you can download all bitcoin transfers made so far to your computer. Transfer operations in the bitcoin system, where everybody can be a miner, works in a synchronous way.
The fact that anyone involved in the transfer process can see it does not mean that it is insecure. Because there are digital wallets that allow for special encryption, and people keep their bitcoins securely.
Therefore, only the amount of bitcoin transferred, the account numbers of the buyer and the seller are recorded. The virtual wallets with private passwords belong only to the bitcoin owner.
A maximum of 21 million bitcoins can be produced and this is called mining. To be more precise; The extraction of bitcoins, the safeguarding of the system network and the recording of the transactions carried out are defined as mining.
Miners are given the name of the person who ensures the safety of the bitcoin without a center and the use only once. Bitcoin production is also done by these people.
First of all you need a virtual wallet to use bitcoin. These virtual wallets are quite special systems and allow you to store your bitcoins safely.
With these virtual wallets you can download your computer and mobile device, you can make your purchase and sale transactions.
More than the bitco that is beginning to be seen as an investment vehicle; the increase in confidence in the blockchain technology, which could be a payment system, will simplify transactions such as swift between banks.