Things you need to know about Bitcoin

Who created the Bitcoin?
Bitcoin was created by Satoshi Nakamoto, who published the invention on 31 October 2008 to a cryptography mailing list in a research paper called "Bitcoin: A Peer-to-Peer Electronic Cash System".

What is big coin?
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren't printed, like dollars or euros – they're produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.Mar 20, 2015

What is bit coin used for?
As you've noted, Bitcoin is a digital currency used to pay for a variety of goods and services. ... Although physical forms of Bitcoin exist, the currency's primary form is data so you trade it online, peer to peer, using wallet software or an online service.Mar 26, 2013

What Is Bitcoin and What Can I Do With It? - Lifehacker

What is a Bitcoin and how does it work?
A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet.

How much was Bitcoin when it first came out?
Prices and value history
DateUSD : 1 BTCNotes
July 2010$0.08In five days, the price grew 1000%, rising from $0.008 to $0.08 for 1 bitcoin.
Feb 2011 – April 2011$1.00Bitcoin takes parity with US dollar.
8 July 2011$31.00top of first "bubble", followed by the first price drop
Dec 2011$2.00minimum after few months
24 more rows

What is Satoshi Nakamoto?
Satoshi Nakamoto is the name used by the unknown person or persons who designed bitcoin and created its original reference implementation. ... He was active in the development of bitcoin up until December 2010. Nakamoto has claimed to be a man living in Japan, born on 5 April 1975.

How does a Bitcoin miner work?
Every ten minutes or so mining computers collect a few hundred pending bitcointransactions (a “block”) and turn them into a mathematical puzzle. ... The miner who found the solution gets 25 bitcoins as a reward, but only after another 99 blocks have been added to the ledger.Jan 20, 2015

How a Bitcoin is made?
New bitcoins are generated by a competitive and decentralized process called "mining". This process involves that individuals are rewarded by the network for their services. Bitcoin miners are processing transactions and securing the network using specialized hardware and are collecting new bitcoins in exchange.

How do you buy a Bitcoin?
On this page, you'll learn how to buy bitcoin and store it securely in a wallet.
  1. Sign up for Coinbase. This first step is to sign up for a Coinbase account. ...
  2. Connect Your Bank Account. After you sign up, connect your bank account. ...
  3. Buy and Sell Bitcoin.

What is a bit miner?
Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.

What is Bitcoin in layman's terms?
Bitcoin is a digital and global money system (currency). It allows people to send or receive money across the internet, even to someone they don't know or don't trust. Money can be exchanged without being linked to a real identity. The mathematical field of cryptography is the basis for Bitcoin's security.

What is a Bitcoin simple explanation?
Bitcoin is a digital and global money system (currency). It allows people to send or receive money across the internet, even to someone they don't know or don't trust. ... The mathematical field of cryptography is the basis for Bitcoin's security.

How much was a bit coin worth in 2009?
Guy named Koch bought 5,000 bitcoins in 2009 for $27, now worth $886,000. Talk about a degree that gives you bang for your buck. Kristoffer Koch was writing a thesis on encryption in 2009 when he spent about $27 to buy 5,000bitcoins.Oct 29, 2013

Guy bought 5,000 bitcoins in 2009 for $27, now worth $886,000 - The ...

How much was Bitcoin in 2012?
Bitcoin prices more than doubled between July 1 and August 18, 2012. Then in a matter of minutes, the price of Bitcoins fell from $15.25 to $10.50. The decline continued over the next two days, reaching a low of about $7.50.Apr 11, 2013

Who owns the Bitcoins?
That doesn't make the FBI the world's largest bitcoin holder. This honor is thought to belong to bitcoin's shadowy inventor Satoshi Nakamoto, who is estimated to have mined 1 million bitcoins in the currency's early days. His stash is spread across many wallets.Dec 18, 2013

What is the meaning of Satoshi?
Satoshi is the smallest fraction of a Bitcoin that can currently be sent: 0.00000001 BTC, that is, a hundredth of a millionth BTC. In the future, however, the protocol may be updated to allow further subdivisions, should they be needed.Aug 30, 2011

What is Blockchain mining?
Mining is the process of adding transaction records to Bitcoin's public ledger of past transactions. This ledger of past transactions is called the block chain as it is a chain of blocks. ... This proof of work is verified by other Bitcoin nodes each time they receive a block.Dec 26, 2016

What is a bit Coin Block?
Blocks are files where data pertaining to the Bitcoin network is permanently recorded. A block records some or all of the most recent Bitcoin transactions that have not yet entered any prior blocks. Thus a block is like a page of a ledger or record book.

How long does it take to make a Bitcoin?
At current difficulty, if you mine in a pool, you will probably mine about 0.00001406 BTC per week. That means, if difficulty doesn't increase at all, it will take about 71123 weeks (about 1367 years) to mine 1 BTC. Of course difficulty will almost certainly increase during that time.Apr 3, 2014

What is the meaning of bit coin?
Bitcoin is a digital currency (also called crypto-currency) that is not backed by any country's central bank or government. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment.

What is Bitcoin? - Definition from

How do I buy Bitcoins with Paypal?
Post summary:
  1. Go to Virwox.
  2. Deposit money to your account with Paypal.
  3. Buy SLL on the SLL/USD exchange.
  4. Buy Bitcoins with your newly purchased SLL on the SLL/BTC exchange.
  5. Withdraw your Bitcoins.

How do I buy a bit coin?
To buy larger amounts of bitcoins we recommend following these simple steps:
  1. Find a Bitcoin exchange (SpectroCoin or Kraken)
  2. Buy bitcoins by exchanging your local currency, like the U.S. Dollar or Euro, for bitcoin.
  3. Transfer the bitcoins to your wallet.
  4. Get a Bitcoin debit card for easy spending.

Is it legal to mine Bitcoins?
Once ASICs are out, ASIC users will still have to spend thousands to make a profit. Well since bitcoins are not really 'money' (not legal tender anyway) yet, taxes wouldn't matter unless you sold it for whatever fiat currency. Other than that can't see what difference is between mining bitcoins and knitting a scarf. )Mar 22, 2013

How do you mine for Bitcoins?
Almost all miners choose to mine in a pool because it smooths out the luck inherent in the Bitcoin mining process. Before you join a pool, make sure you have abitcoin wallet so you have a place to store your bitcoins. Next you will need to join a mining pool and set your miner(s) to connect to that pool.

How do you get a Bitcoin?
3. Get bitcoins. You can get bitcoins by accepting them as a payment for goods and services or by buying them from a friend or someone near you. You can also buy them directly from an exchange with your bank account.

How does a Bitcoin have any value?
Bitcoins do not have value as a physical commodity like gold and are not widely accepted as legal tender like dollars. ... In short, people accept and trade in Bitcoinbecause other people accept and trade in Bitcoin. It is recognized and accepted as a currency by many. Bitcoin is decentralized and limited.Oct 3, 2014
What means Blockchain?
blockchain is a public ledger of all Bitcoin transactions that have ever been executed. It is constantly growing as 'completed' blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order.

How old is Bitcoin?
Bitcoin is 8.36 years old.
The software has been running and the blockchain has been growing since January 3, 2009 at 2:15PM EST, when the genesis block was created. The paper, Bitcoin: A Peer-to-Peer Electronic Cash System, was published on October 31, 2008 at 2:10PM EST.

How old is Bitcoin?

What is a litecoin?
Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Inspired by and technically nearly identical to bitcoin (BTC), Litecoin creation and transfer is based on an open source protocol and is not managed by any central authority.

Is it safe to use Bitcoin?
Bitcoin has no such safety net. If your Bitcoins are lost or stolen, there's no intermediary with the power to make you whole. There are two basic ways to holdBitcoins. You can participate in the Bitcoin network yourself, storing the keys to your Bitcoins in a wallet stored on your hard drive.Apr 3, 2013

What is cloud mining bitcoin?
Cloud mining or cloud hashing enables users to purchase mining capacity that of hardware in data centres. ... Bitcoin cloud mining, sometimes called cloudhashing, enables users to buy the output of Bitcoin mining power from Bitcoin mining hardware placed in remote data centres.

How many Bitcoins are left to be mined?
There are a total of ~16 million bitcoins in existence, and 21 million total will be available. Therefore, there are ~5 million bitcoins still to be mined from now until around 2140.

What is the Cryptocurrency?
cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.

Is the Bitcoin legal?
Bitcoin is of interest to law enforcement agencies, tax authorities, and legalregulators, all of which are trying to understand how the cryptocurrency fits into existing frameworks. The legality of your bitcoin activities will depend on who you are, where you live, and what you are doing with it.Aug 19, 2014

What is meant by digital currency?
Digital currency can be defined as an Internet-based form of currency or medium of exchange distinct from physical (such as banknotes and coins) that exhibits properties similar to physical currencies, but allows for instantaneous transactions and borderless transfer-of-ownership.