Bitcoin logo

Editor: This article is a very neat introduction to the cryptocurrency called Bitcoin. If Bitcoin is new(s) to you, it’s a recommended read.

What is Bitcoin?

Here are the main points that you need to understand before buying Bitcoin.

1) Bitcoin is a form of digital money, protected by cryptography, which makes bitcoin transactions secure. That is why it is called cryptocurrency.

2) Bitcoin exists only in a digital form so that it is never printed, which means that bitcoin is a form of digital information.

Related Post:  Hashrate of Ethereum mining using an Nvidia GeForce GTX 1070

3) Bitcoin is decentralized. Meaning there is no specific place where bitcoins are released and even no central server that runs the system. Bitcoin infrastructure is distributed among all users, meaning their devices run the system. Thus, you do not buy Bitcoins from any central bank.

4) The amount of bitcoins is limited. You can make an analogy with gold: the amount is also limited. In other words, compared to other currencies like the US dollar or Swiss Franc, the Bitcoin supply is limited, and cannot be increased. Therefore, Bitcoin generally does not have inflation. Inelastic supply is one of the reasons that Bitcoin prices have tended to rise over time (but there are many other factors which play a role in determining Bitcoin price). $100 in Bitcoins purchased 5 years ago would today be worth millions.

Related Post:  Press release: Polymath announced as advisor to overstock.com tZERO security token sale

Advantages and disadvantages of using Bitcoin

Read the complete article here.

Bitcoin logo

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn

Hola! Did you notice that LinuxBSDos.com no longer runs network ads?  Yep, no more ads from the usual suspects that track you across the Internet.  But since  I still need to pay to keep the site running, feel free to make a small donation by PayPal.

Subscribe for updates. Trust me, no spam!

Mailchimp Signup Form

Sponsored links

1. Attend Algorithm Conference, a top AI and ML event for 2020.
2. Reasons to use control panel for your server.
3. DHgate Computers Electronics, Cell Phones & more.

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the latest

On social media
Via my newsletter
Mailchimp Signup Form

Sponsored links

1. Attend Algorithm Conference, a top AI and ML event for 2020.
2. Reasons to use control panel for your server.
3. DHgate Computers Electronics, Cell Phones & more.
Hacking, pentesting distributions

Linux Distributions for Hacking

Experts use these Linux distributions for hacking, digital forensics, and pentesting.

Categories
Archives

The authors of these books are confirmed to speak during

Algorithm Conference

T-minus AI

Author was the first chairperson of AI for the U.S. Air Force.

The case for killer robots

Author is the Director of the Center for Natural and Artificial Intelligence.

Why greatness cannot be planned

Author works on AI safety as a Senior Research Scientist at Uber AI Labs.

Anastasia Marchenkova

An invitation from Anastasia Marchenkova

Hya, after stints as a quantum researcher at Georgia Tech Quantum Optics & Quantum Telecom Lab, and the University of Maryland Joint Quantum Institute, I’m now working on superconducting qubit quantum processors at Bleximo. I’ll be speaking during Algorithm Conference in Austin, Texas, July 16 – 18, 2020. Meet me there and let’s chat about progress and hype in quantum computing.