Home Digital Marketing Know Why the Bitcoin is Best in Digital Currency

Know Why the Bitcoin is Best in Digital Currency

0

The complete anonymity of bitcoins despite the fact that the system is open source, and anyone can trace any operation with btc, the wallet system is completely anonymous. Any user of the system can have an unlimited number of wallets on their computer, while they will have completely different numbers. You can only find out who the owner of a particular wallet is from the owner himself

Bitcoin mining – the mining of virtual currency bitcoin due to the computing power of the computer. The miner’s earnings are new coins in the system (25 coins every 10 minutes) that is distributed to the miners. Today’s bitcoin systems are extremely complex to calculate, so even using a traditional mining computer, you only get losses (electricity, depreciation, etc.). To combine computational power, miners are grouped together and their benefits are divided proportionally to the amount of computation done.

For mining, it is more cost effective to use a special ASIC device created specifically for mining and doing nothing else. 

As a person far from the anatomy of computer configurations, I will not go into the details of this way of making money on bitcoins. Perhaps later I will write an article on mining. 

If you want to know why bitcoin is best?, then you can get complete detail on the bitcoin website.

 What does bitcoin look like? 

Since Bitcoin is a virtual currency, it does not look like ordinary paper money and coins, but as an electronic file. Each monetary unit is a numerical function that will satisfy the conditions specified in the initial code of the system. Therefore, in order to understand what bitcoin is, it is enough to see its code registered in the Wallet. 

To understand in detail what the essence of Bitcoin currency units is, you need to understand the processes of hashing and cryptography. But today, there is no need for beginners to learn these complex concepts, since all processes are performed by software, and in order to earn and use bitcoins, it is not necessary to delve deeply into programming. It is enough for network users to know that the bitcoin that can be paid on the network is the sum of the source code (hash function) – the so-called bitcoin address or public key that can be transferred to another user. The criteria mentioned above provide a high level of trust on the part of system users to cryptocurrency.

 This hash amount is automatically calculated from the source key of the currency unit, and in the opposite direction this process does not work. Therefore, any participant in the Bitcoin system can publicly announce their public keys, but until he himself passes them to another user, no one can calculate their source code, which means that he can access his cyber coins. Therefore, it is important to evaluate the type of contract with the power grid in order to make a favorable investment. In addition, it is essential to connect to the web via an internet connection that functions regularly on broadband.

 No transaction fees since the system does not have an owner, therefore, there is no one to pay a commission for transfers between wallets. The system has the ability to pay a voluntary fee to expedite transactions. Bitcoin Coins Despite the fact that Bitcoin is a cyber currency, it is still a mistake today to claim that this money is only in digital form. The fact is that quite material bitcoin coins made of metal already exist. These coins are issued both by individuals and companies that have their own bitcoin wallets. The process of issuing such coins is as follows:

 An original design coin is cast from any metal on one side of the coin the face value is applied – 0.1 btc, 0.5 btc, 1 btc, 10 btc, etc. Then, for each coin, a unique bitcoin address is generated, which is applied to it and closed by a hologram. The first 8 characters of the public key are registered on top of the hologram so that the buyer of the coin can verify its authenticity.

So in current era investment in this currency is very good way to earn money.