Min menu


What is bitcoin and how to get it and what is bitcoin mining

The most expensive currency in the world is Bitcoin, you must have heard about it before, and before that, we spoke in a previous article about the drop in the price of Bitcoin significantly overnight, but this decline did not last long, as this electronic currency became popular, and its price is increasing day by day. What is bitcoin? How do you earn bitcoins, how do you open a free bitcoin account, how do I get bitcoins? We'll learn all this together in this article, so stay tuned.

bitcoin, what is bitcoin mining, what is bitcoin and how does it work, how to earn bitcoin, bitcoin price, how bitcoin is mined,
What is bitcoin and how to get it and what is bitcoin mining?

Everyone has probably heard of Bitcoin by now. It was the first cryptocurrency to go viral, but some others are becoming more popular until there are more than 2,000 different types of cryptocurrency, and more are being developed every day. Research indicates that most people have heard of the coin. Coded but they don't quite understand what it is. Now what does that mean, is it safe and how do you invest in it? To help, we will answer these questions.

What is Bitcoin?

Bitcoin is an electronic currency that is used on the Internet, that is, it is intangible and is not controlled by an international bank or a specific country, which makes it difficult to track or easily access this currency. This cryptocurrency, the origin of the currency from a hitherto unknown Japanese person, is a web code and contains 21 million bitcoins.

Digital Currency Bitcoin Cryptocurrency

Cryptographic money is a mechanized premium structure that doesn't depend on banks to affirm trades. That is, it is a peer-to-peer system that can enable anyone anywhere to send and receive payments without the knowledge of any administrative body or government. Instead of being physical money that is transferred and exchanged in the real world, cryptocurrency payments exist only as digital inputs to an online database Describe specific parameters. When you transfer cryptocurrency funds, the transactions are recorded in a "public ledger" that stores your cryptocurrency in a digital wallet.

Cryptocurrency got its name because it uses cryptography to verify transactions. This means that advanced cryptography is involved in storing and transmitting cryptocurrency data between wallets and public ledgers. The goal of cryptography is to provide security and safety.

Information about Bitcoin

  1. The price of bitcoin varies from day to day according to the demand for dealing with it, as the price of bitcoin increases the more it is used and spread, and the less it is dealt with, and the price of one bitcoin is now at the date of this article exceeded $58000.
  2. Bitcoin = 1.0000000 and is divided into one satoshi and one satoshi 0.00000001 of the bitcoin.
  3. Bitcoin was launched for the first time in 2009 until it became the best in dealing and has the highest price so far.
  4. Bitcoin uses “peer-to-peer” technology, meaning that it is not controlled by central units or banks.
  5. Bitcoin is open-source and anyone can develop it. Nobody owns the Bitcoin network and does not control it. There are some digital currencies that Bitcoin was developed for, namely Dogecoin - Bitcoin - Dash Coin. These currencies also have a financial position.
  6. Bitcoin has unique uses as this currency cannot be tracked by government agencies or others.
  7. In addition, bitcoin has become widespread in shops, malls, websites, and others.

How do I get bitcoin?

There are many ways to get the digital currency bitcoin and here are these ways:

  1. A cryptocurrency exchange where you can exchange “regular” coins for bitcoins, or satoshis, which are similar to the bitcoin type of cent.
  2. A Bitcoin ATM (or cryptocurrency exchange) where you can exchange bitcoins or cash for another cryptocurrency, which has spread in some countries such as Nigeria, the United States, and the United Kingdom.
  3. By mining by owning Bitcoin mining devices that work to extract the currency from the Internet, and this process needs hardware devices that depend on the hash of the graphics cards.

What is bitcoin mining?

Mining or processing keeps the bitcoin process secure by temporally adding new transactions (or blocks) to the chain and keeping them queued.

  • Miners can also generate new bitcoins using special software technology to solve cryptographic problems.
  • This gives a shrewd method for giving money and furthermore gives a motivating force to individuals to mine.
  • The reward is agreed upon by everyone in the network but it is generally 12.5 bitcoins plus fees paid by users who send transactions.
  • To prevent inflation and keep the system manageable, there can be no more than a fixed total number of 21 million Bitcoin (or BTC) in circulation by 2040, so solving the “puzzle” becomes more difficult.

Summarizing the Bitcoin mining process:

  1. Bitcoin miners are nodes in the Bitcoin network that possess specialized software technology called ASICs.
  2. Bitcoin miners are constantly working to solve difficult cryptographic puzzles. If they are successful, they can add a block to the Bitcoin blockchain and receive a reward in return. At the moment, the bitcoin block reward is around 12.5 bitcoins.
  3. Miners often need to spend a lot of money and computing power to successfully mine Bitcoin. Mining needs high computing power and data processing, so graphics cards are used in mining, and this results in high consumption of electrical energy.
  4. In fact, mining is now so difficult that a single person can't do it alone. This is why miners often combine to create mining pools known as a 'mining farm'.
  5. The scale that determines the degree of hardness of mining is known as “hardness”. The difficulty is directly proportional to the network hash rate.
  6. Hashrate is a value that calculates the rate at which miners perform operations within an ecosystem.
  7. The higher the network fragmentation rate, the faster and more secure the network.
  8. When the bitcoin hash rate increases, so do the difficulty to keep mining in check and maintain a constant 10 minute bitcoin block time.

What are the advantages of Bitcoin?

The best thing about Bitcoin is that it is decentralized, which means that you have a payment system that can settle international trades without fiddling with exchange rates and additional fees. In addition, you do not need to go through a third party such as a bank to conduct your transactions. Bitcoin is free from government interference and manipulation, so there is no Federal Reserve system raising interest rates. It's also transparent, so you know what's going on with your money. You can start accepting bitcoins right away, without investing money and energy into details, such as creating a merchant account or purchasing credit card processors. Bitcoins cannot be counterfeited, and your customer cannot claim a refund. It's no surprise that users have called Bitcoin "Money 2.0" or that Bill Gates has called it a "technical force."

What are the disadvantages of bitcoin?

At first, many people were skeptical about Bitcoin as no one knows the identity of its founder - Satoshi Nakamoto. We cannot say whether Satoshi Nakamoto was a man, a woman, or a group. Here are the most prominent flaws:

  1. You cannot recover your transaction when you complete payment for one of them, so scams may be repeated, and you will not be able to recover your money.
  2. The use of Bitcoin by hackers and hackers, as they depend on the inability of companies and governments to track remittances paid through the Bitcoin network.
  3. Bitcoin is still banned in some countries, so you will not be able to buy it or use it officially in the country.
  4. Officials are concerned about the negative impact of digital currencies on the general economy of the country, as it is a decentralized currency and no tax is imposed on transactions for the benefit of the state and nothing of the sort.
  5. Fears of using the currency by extremist groups to buy weapons and finance their terrorist operations.

Bitcoin Site - Earning Bitcoin?

There are sites for profit from the Internet that pay you in bitcoin. These sites differ in their function, including sites for profit from uploading files, and other sites for profit from shortening links and sites to display ads and profit from them, but be sure that no site offers you bitcoin for free.

Create a Bitcoin Account - Open a Bitcoin Account for Free

To be clear together, there is no such thing as “creating a bitcoin account.” Bitcoin is stored in electronic wallets. It is correct to say creating an electronic wallet. Creating a wallet is simple. Go to Coinomi Wallet and download their application on your device and register an account with it.

Can Bitcoin be mined from Android?

The process of mining currencies requires high specifications of the graphics cards that are used in mining, and the screen cards used in phones are very weak compared to similar computer cards. no point.

احمد ابو المجد
احمد ابو المجد
Ahmed Abu Al-Majd - Egyptian Arab blogger and YouTuber - supervisor and owner of the Abu Al-Majd YouTube channel - I share my experience in the technical field in a simple way that suits everyone. facebook ــــ twitter ــــ instagram ــــ pinterest ــــ youtube ــــ linkedin ــــ abouelmagd احمد ابو المجد 2