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What you should know about the bitcoin technology?

Bitcoin is the mother of all cryptocurrencies which was released in 2009. It includes the coin BTC and a peer-to-peer network that generates, transfers and stores bitcoins. The motto has a limited coin count of 21 million and can be mined. Their basic idea is to guarantee their users maximum independence as a global and decentralized means of payment and transaction and to provide them with an anonymous, free payment and exchange medium. Bitcoin is not only considered the mother of all cryptocurrencies, but also as a blockchain pioneer in this field. There are now Bitcoin splits, such as Bitcoin Cash or Bitcoin Gold. These use blockchain and source code from Bitcoin but have modified the software.

What is the Bitcoin technology?

The Bitcoin network protocol is based on open-source software that manages the blockchain, enables transfers, and makes payment units transparent. Bitcoin uses a proof of work algorithm, an energy and performance intensive solution mechanism that relatively slows down the transaction or mining process to better protect it from misuse. Everyone can participate in the Bitcoin system, but special software is required for mining.

All data changes or additions are stored on the own Bitcoin blockchain and are transparently traceable. BTC transactions are considered relatively safe. This is due to the digital signatures used, a combination of a private key and a public verification key, in other words a combination of cryptographic information that can be controlled via the algorithm between secret and openly accessible. For the user, this means that he sends his transaction privately, but this publicly encrypted in the confirmation pool, that is received anonymously.

Where can I buy and sell Bitcoin?

BTCs may be exchanged for online exchanges against other digital currencies or fiat currencies. The funds are issued by central entities, such as Euros, US dollars or the other currencies. Some such online platforms include Binance, Bitfinex, Coinbase or Anycoindirect. In case you want to put bitcoins into your retirement account these are the Bitcoin IRA companies with the right expertise. The range of possible exchange pairs is large, after all, Bitcoin is probably the best known and longest on the market coin. For every purchase or sale there is usually a small transaction fee. Costs can be paid in credit card payment or other payment gateway.

For every action on an online exchange, registration is required, which in most cases is free and easy. In addition, the user needs a so-called wallet, a kind of electronic wallet, in which the coins are stored and run by or in the transactions. There are mobile, desktop or hardware versions, but only the latter need to be purchased. All software variants are available via download. Hardware wallets are more secure, device-independent, and the best option for larger sums of money.


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