The Revolutionary Cryptocurrency Bitcoin

Bitcoin was invented in 2008 but was launched in 2009 January by an anonymous group named Satoshi Nakamoto. The fascinating characteristics of the currency are no mediators and pseudonymity. Bitcoin is a decentralized currency having no mediators like national banks, government authorities, and other mediators involved. The transactions of bitcoin only reveal wallet addresses which makes it complicated for others to acknowledge the true identity of individuals. 

Bitcoin is a reward of a process named mining, and the current block reward a miner receives after mining a block is 6.25. The price of bitcoin reached greater heights in the year 2017, and it has been a flash in the pan for many investors. Bitcoin offers you an opportunity to exchange with fiat currencies like US dollars, yen, and many other cryptocurrencies. So let's discuss some crucial facts about these revolutionary cryptocurrencies.

The Revolutionary Cryptocurrency Bitcoin

• Why choose Bitcoin?

The prominent features like exceeding discretion and freedom are some of the top-notch reasons for the immense popularity of the cryptocurrency king, bitcoin. Bitcoin network is pseudonymous as it comprises information of wallet address during transactions, but still, it does not reveal the real identity of the users. Bitcoin is decentralized as it is not subjected to rules of any specific region. The freedom cuts the cost of international services and goods if you make transactions through bitcoin. 

Rather than just being a source of exchange and trade, bitcoin is also subjected to investment. The cryptocurrency is a great investment asset as the return of investment on bitcoin has been exceedingly excellent. Besides the volatile nature of bitcoin, there are tons of reasons why you must invest in bitcoin today.

• Buying Bitcoin 

Bitcoin is a digital currency, and there are only two apparent methods to buy a bitcoin. Either you are allowed to acquire a bitcoin through mining, or you can buy a bitcoin through a trustable exchange. Mining is a quite complicated and non-profitable process. To add a bitcoin to your crypto wallet, novices and newbies need to handpick the most reliable bitcoin exchange forums. Bitcoin exchange forum allows you to exchange your fiat currency or another cryptocurrency in bitcoin and vice versa.

• Bitcoin Wallet

As mentioned, there are tons of potential security risks, theft elements, and fraudsters equipped with a bitcoin network. The notion of a bitcoin wallet is just similar to a highly safe vault with a highly encrypted mechanism. The bitcoin wallet forums offer you a wallet address and highly protected passcode. Both passcode and wallet address is the sequence of numbers and letters.

To maintain the confidentiality of your true identity, constantly change the wallet address. Performing transactions with the same wallet address might help others to trace your true identity. There are two types of bitcoin wallets, web-based and device-based wallets. The preference of investors is a web-based wallet as it offers you impressive accessibility. 

• Mining 

Mining is a process of solving a complex mathematical puzzle to produce the targeted hash in a time span of 10 minutes. The term hash rate refers to several calculations performed by a mining rig at a rate of 1 sec. Hash rate is directly proportional to the strength and efficiency of mining hardware, software, and power source utilized in the process. 

Millions of miners around the globe are integrating their computer resources and power to make the bitcoin network more efficient and secure. The computing hardware specialized for bitcoin mining is ASIC, and it costs around 1500 dollars. A reliable and compatible mining software along with mining hardware embraces the efficiency and profitability of mining.

• Blockchain

Each and every verified bitcoin transaction is recorded publically on distributed ledger named blockchain. The blockchain further consists of blocks equipped with a history of transactions. Every user is a part of the blockchain who has made transactions in bitcoin. Moreover, information of only wallet addresses is compromised through the public ledger and not the real identity of the user. 

Blockchain unwinds the possibility of an unauthorized copy of bitcoin units as every bitcoin consist of highly encrypted source code from the bitcoin algorithm. To avail fruitful outcomes in your bitcoin journey, you can check out bitcoin managing assets as it will make your crypto journey more productive and engaging.

Above mentioned is everything you need to know about the revolutionary cryptocurrency, bitcoin.