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What Is Bitcoin? Here’s Everything You Need To Know | Cryptocurrency

You may have heard of the term “Bitcoin” which is the hottest topic and a frequent point of discussion amongst people and it is also one of the most desired cryptocurrencies today. In spite of that, this concept of crypto currencies remains a sea of unknown to many of us.

Hence, in this article we will discuss everything you need to know about the Bitcoins; Crypto Currency. Before diving into the Bitcoins, let’s scrutinise what Cryptocurrency is all about.

A ‘Cryptocurrency’ is a digital currency or a virtual currency that uses encryption techniques (converting data from a readable form into an encoded version which can be decoded by an authority that has the decryption key). And at present t least to say 800 cryptocurrencies are there. One of the most popular amongst them is “Bitcoin”.

Some Cryptocurrency Information
NEO Cryptocurrency Click Here
Cardano Cryptocurrency Click Here
Ethereum Cryptocurrency Click Here
Bitcoin Cash Click Here
Tron Cryptocurrency Click Here
Tether Cryptocurency Click Here
NEM Cryptocurrency Click Here 
Monero Cryptocurrency Click Here
Siacoin Cryptocurrency Click Here
EOS Cryptocurrency Click Here
Ripple Cryptocurrency Click Here
Verge Cryptocurrency Click Here 
Litecoin Cryptocurrency Click Here 
VeChain Cryptocurrency Click Here 
IOTA Cryptocurrency Click Here 
Populous Cryptocurrency Click Here 
Bytecoin Cryptocurrency Click Here
 Zcash Cryptocurrency Click Here 
Bitcoin Gold Cryptocurrency Click Here
OmiseGo Cryptocurrency Click Here
 Nano Cryptocurrency Click Here
QTum Cryptocurrency Click Here
Lisk Cryptocurrency Click Here
EOS Cryptocurrency Click Here

What is a Bitcoin

Now as we know, a bitcoin is a digital currency which was launched in the year 2009 by an unknown programmer or a group of programmers, under the name Satoshi Nakamoto. This currency is not backed by any government bank; the transaction takes place between users directly i.e. without any mediator. And these transactions are recorded by public distributed ledgers (account book) called “Blockchain”.

To be more precise about the Bitcoins, it is important to elucidate a little about the Blockchain System first.

Don and Alex Tapscott, the authors of Block Chain Revolution, define blockchain by stating that

The Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.

It is basically a platform that enables Cryptocurrencies such as Bitcoin and more like it to be exchanged. It also clears the way for a secured online transaction by recording transactions across many computers so that the record cannot be altered afterwards. To understand it more clearly we can use an example of Wikipedia; the content of this site is not by an exclusive publisher, no one person controls the information, multiple users can add to it and edit freely online. However what makes it network model is that it is built on a World Wide Web (WWW). Any user associated with its account can change the entries and whenever someone login to the wiki page, they will see the new and updated version of the same content. However, the control of the database always lies with the Wikipedia administrator.

Bitcoin Real Time Price

How does Bitcoins Works

A source has explained the functionality of a Bitcoin by saying that

Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to send and receive Bitcoins with them

So, a Bitcoin is like any other currency like Indian money, US Dollar, Euro, Pound etc. However, there is one big difference between all the other traditional currencies and Bitcoin is that it is completely decentralized (nothing is managed or controlled in one place). Bitcoins, instead of being processed by a central system, the money will go straight to the person or entity you trying to give money to.

They also works with a Blockchain System as discussed above. A blockchain acts like a ledgers which is coated onto the Bitcoin. Why these blockchains plays an essential role is that no single coin can be spent more than once before going to its original new recipient, otherwise people would buy as many things as possible with the same coin with only the person who sold the original purchase would actually receive the money.

What is ‘Bitcoin Mining’

As we know, in centralized system the government decides where to print the paper money and how to distribute it. However, Bitcoin is not a centralized system.

Bitcoin has a ledger which is distributed amongst every participant and anybody who is associated with the network has a copy of it on their computer which goes all the way to the history of the network when it was first created in 2009.

It also has a system through which new information gets registered to the ledger and this is when miners come into the play. They listen for transaction messages that are validly signed on the network and they put them under the block i.e. Blockchain. In short, the miners relaying transactions, validating signatures, putting them into a block, adding them into the blockchain and distributing them to all the people into the network. In exchange to this service, they are rewarded by getting the authority to have transaction without any input.

How to Acquire a Bitcoin

There are various ways you can collect a Bitcoin, which are as follows:

  • As a payment for goods and services
  • You can also purchase a Bitcoin at a Bitcoin Exchange
  • You may also exchange your Bitcoins with people around you

Advantages of a Bitcoin

There are various advantages of a Bitcoin which are as follows:

  1. As Bitcoins are virtual currencies, one can transact it anytime and anywhere. They are not accountable to any bank holidays, borders or authorities. Because of its being decentralized, the users get the full control of their money.
  2. The best part of these coins i.e. it does not require any fee. However, fees have an effect on the faster confirmation of your transactions.
  3. These coins deal with a question of safety and security. But it is important to note that these coins do not contain any personal information of the users, hence the transactions of Bitcoins are safe, secure and irreversible.
  4. Another benefit of the benefit of the Bitcoin currencies is that it saves all the administration cost unlike the traditional centralized system
  5. Every information of the transaction of Bitcoin is recorded into a Blockchain for anybody to verify and use in real – time. No force can control or manipulate it as it is cryptographically secured.

Disadvantages of a Bitcoin

Everything has pros and cons. Read below to know some of the disadvantages of Bitcoin:

  1. Bitcoin has become a colloquial term. However, the concept remains unclear to a large number of people. And the network effect is yet to grow.
  2. As the networks of Bitcoins are still small, hence its value remains cramped to what they could be.
  3. Bitcoins is still under development as it has incomplete features. New features, tools and services are still under development to make Bitcoins more secure and accessible to the masses.

FAQs

Are Bitcoins are safe investments

“Trust in Bitcoins comes from the fact that it requires no trust at all”. As Bitcoin is a decentralized system, it’s an open source which means that anyone has access to the entire source code at any time.

Is Bitcoin fully Virtual

Bitcoin is virtual digital money. It can be used to pay online in physical stores just like any other form of money.

What happens when Bitcoins are lost

Once Bitcoins are lost, they will remain in the block chain just like any other Bitcoins. However it cannot be retrieved as there is no way to find the private keys that would allow them to be spent again.

Is Bitcoin Legal

In a recent Union Budget, Finance Minister Arun Jaitley has stated that cryptocurrency is not recognised as legaltender in India. To which Nischint Sanghavi, head of exchange, Zebpay responded by saying that “It is being misreported that Bitcoin is illegal. This is not true. We continue to work hard to grow this industry responsibly”.

Why do Bitcoins have value

Bitcoins holds value as they are useful as a form of money. It has the characteristics of money rather than relying on physical properties such as gold and silver. Hence, it would be appropriate to say that Bitcoin is backed by mathematics.

What is the value of one Bitcoin today

In today’s time, One Bitcoin is equal to roughly about $1,200 now.

How many Bitcoins can someone own

The Blockchain system is designed in a way that a user can own maximum of 21 million Bitcoins can be produced and in circulation. And the number cannot exceed this limit.

Bitcoin Gold Cryptocurrency (BTG) | What Is Bitcoin Gold (BTG) Cryptocurrency

Bitcoin Gold (BTG) is a part of the authentic Bitcoin Cryptocurrency. It is aimed at breaking down the Bitcoin mining monopoly.

As per the Bitcoin Gold’s website bitcoingold.org

Any secure Bitcoin wallet that gives the user exclusive control of cryptographic private keys is a suitable location to store your coins prior to the October 25 fork. Some wallets may offer you direct access to your BTG, while others may require you to take additional technical steps. Verified wallets that support BTC and BTG side – by – side will be listed on the Bitcoin Gold home page. We will publish guides for retrieving BTG from the most popular wallets, including Bitcoin Core, Electrum, Mycelium, Hardware Wallets, Paper Wallets, and more
.

Since its inception, mining is one of the key features of Bitcoin and Cryptocurrencies. It strives to fix the domination of mining by professional businesses by changing the algorithm used to solve blocks.

What is Bitcoin Gold

Bitcoin Gold (BTH) was first announced on 23rd October 2017 and launched on 12th November 2017. Bitcoin Gold (BTG) is a free open source cryptocurrency project that is developed by the volunteer Bitcoin enthusiasts.

It is also known as a hard fork of the Bitcoin blockchain. It is a new branch of the bitcoin blockchain that contains the same transaction history as bitcoin up until the fork, however, exists in parallel with the bitcoin blockchain after the fork.

Symbol Initial release date Algorithm type Max. supply
BTG 12th November 2017 Equihash 21 million BTG

How is Bitcoin Gold if Different From Bitcoin

There are a lot of similarities between Bitcoin Gold and Bitcoin. Both of these take 10 minutes as a transaction – processing time (i.e. it takes approximately 10 minutes to confirm a transaction after cryptocoins have been transferred). Also, the maximum supply of both of these coins is 21 million (i.e. there will never be more than 21 million BTG in circulation).

However, there are few differences in them, which are as follows:

Differences Bitcoin Gold (BTH) Bitcoin
Total Supply 21 million 21 million
PoW (Proof of Work) Algorithm Equihash SHA256
Mining Hardware GPU based mining hardware ASIC mining hardware
Block Interval Block interval of 10 minutes Block interval of 10 minutes
Block Size (Actual) Block size of 1 MB (2 to 4 MB actual) Bitcoin blockchain is also able to contain 1 MB of data, meaning that the block size of bitcoin is 1 megabyte
Difficulty Adjustments Difficulty is adjusted with every block Difficulty adjustments takes place in every two weeks on

How to Get Bitcoin Gold (BTG)

You can get Bitcoin Gold (BTG) from the (a) hard fork and (from an exchange):

  1. From the hard fork

If you hold Bitcoin on your wallet, at the time of the fork and not in any exchange, then you are in luck because the Bitcoin Gold fork awarded you BTG at a rate of 1 BTC = 1 BTG.

  1. From an Exchange

You can also purchase Bitcoin Gold (BTH) from an exchange as well. Bitcoin Gold (BTH) is available on the following exchanges:

  • Bittrex
  • HitBTC
  • Gate.io
  • Changelly
  • Abucoins
  • CoinSpot
  • Bitfinex
  • Binance
  • Coinnest
  • YoBit
  • Bleutrade
  • BitStar
  • OKEx
Name Payment Methods Available Fiat Currencies Available Cryptocurrencies
Changelly Credit Card, Debit Card USD, EUR BTC, BCH, ETH, XMR, ZEC, DASH, XRP, ETC, LTC, DOGE, XLM,1ST, ADX, AMP, ANT, BAT, BCN, BNT, BTG, CFI, CVC etc
Indacoin Credit Card, Debit Card USD, EUR, RUB BTC, BTG, BURST, BYC, CANN, CFI, CLAM, CLOAK, CLUB, COVAL, CPC, CRB, CRW, CURE, CVC, DASH, DCR, DCT, DGB, DMD, DNT, DOGE, DOPE etc
CoinSpot Cash, BPAY, POLi, Cryptocurrency AUD BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, MIOTA, TRX, DASH, NEO, XMR, EOS, QTUM, BTG, LSK, ETC, XVG
Cryptopia Cryptocurrency BTC, BCH, ETH, LTC, DOGE, NEO, XMR, POWR, DASH, PIVX, XEM, OMG, GNT
ShapeShift Cryptocurrency BTC, BCH, BTG, ETH, ETC, FUN, 1ST, ANT, BAT, BNT, BLK, CVC, CLAM, DASH, DCR, DGB, DNT, DOGE, EDG, EOS, FCT, GAME etc

How to Get Paid in BTG

You can be paid in BTG if you provide a service or product online. Because as of November 2017, the currency is still in its infancy, you might want to offer the customers the option to pay with BTC or other altcoins, alongside Bitcoin Gold, however, if the cryptocurrency does gain more acceptances, you might see more people willing to pay you for services and products using BTG.

How to Make Payments with Bitcoin Gold (BTG)

In order to transfer money with Bitcoin Gold (BTG), one requires a BTG wallet, some BTG on your account and a destination address. Follow the below mentioned steps for the same:

  1. Install a Bitcoin Gold wallet

Firstly, you are required to install a wallet that is compatible with Bitcoin Gold and through which you can access your BTG

  1. Get the Recipient’s Wallet Address

You should get a destination address by the recipient of your BTG. The destination address should be made of letters and numbers. Make sure to type this address correctly.

  1. Enter the Amount of BTG to Send

Enter into your wallet the value in BTG that you want to send the recipient, making sure you have enough funds

  1. Send the Crypto Coins

In order to send the BTG to the recipient, click on the “Send” button on your wallet application. Funds can be transferred almost immediately, however shall take up to 10 minutes to be entirely confirmed

How Safe is it To Trade BTG

Security is one of the prime concerns which stop the immediate trading of BTG. To be specific, BTG may not have replay protection. Hence, it is better to check out the exchanges that have clearly explained how they plan on handling this.

What is the Future of Bitcoin Gold (BTG)

As per the official roadmap of Bitcoin Gold (BTG), the developers aims at continue pushing towards making Bitcoin Gold a standalong cryptocurrency. It says it will develop new features on top of the Bitcoin blockchain, but an exact detail is yet to be seen.

What Is Bitcoin Cash: A Basic Guide to Bitcoin Cash – Cryptocurrency

Like many other cryptocurrencies, Bitcoin Cash is also electronic cash for the internet. “Bitcoin Cash is a peer – to – peer (P2P) electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate“.

  • Decentralized– By saying Bitcoin cash to be decentralized means that this currency is not backed by any government bank; the transaction takes place between users directly i.e. without any mediator. And these transactions are recorded by public distributed ledgers (account book) called “Blockchain”.
  • Peer – to – peer (p2p) Network– Peer – to – peer transaction means that, a Bitcoin Cash owner can send Bitcoin Cash directly to another person anywhere, anytime without the need of an intermediary.
  • Secure – Bitcoin cash is a ‘cryptocurrency’. And a cryptocurrency uses encryption technique (converting data from a readable form into an encoded version which can be decoded by an authority that has the decryption key). Hence, Bitcoin cash is a secured currency to invest in as it has strong encryption to prevent hacking, fraud, and cyber attacks.
  • Unbolted – Bitcoin cash is an open currency. Anyone can login to a blockchain and can view the details of it.
Some Cryptocurrency Information
NEO Cryptocurrency Click Here
Cardano Cryptocurrency Click Here
Ethereum Cryptocurrency Click Here
Siacoin Cryptocurrency Click Here
Tron Cryptocurrency Click Here
Tether Cryptocurency Click Here
NEM Cryptocurrency Click Here 
Monero Cryptocurrency Click Here
Bitcoin Cryptocurrency Click Here
EOS Cryptocurrency Click Here
Ripple Cryptocurrency Click Here
Verge Cryptocurrency Click Here 
Litecoin Cryptocurrency Click Here 
VeChain Cryptocurrency Click Here 
IOTA Cryptocurrency Click Here 
Populous Cryptocurrency Click Here 
Bytecoin Cryptocurrency Click Here
 Zcash Cryptocurrency Click Here 
Bitcoin Gold Cryptocurrency Click Here
OmiseGo Cryptocurrency Click Here
 Nano Cryptocurrency Click Here
QTum Cryptocurrency Click Here
Lisk Cryptocurrency Click Here
EOS Cryptocurrency Click Here

How Bitcoin Cash did Come Into Being

Bitcoin was first launched in 2009 and gradually the use of it was increased, and the Bitcoin blockchain started running into scaling issues. And the main reason behind this issue is the limited number of transactions that can fit into each 1 MB Bitcoin block. And that’s how Bitcoin Cash came into being.

 Benefits and Features of Bitcoin Cash

Bitcoin cash is a fork of the original Bitcoin. If we put some light on to it

Fork is a change to the software of the digital currency that creates two separate versions of the blockchain with a shared history
.

Let’s discuss some of the features of Bitcoin Cash, which are as follows:

  • The name of Bitcoin fork i.e. Bitcoin Cash attracts more people as the word ‘cash’appears to people as a liquid cash which is more easy to exchange with minimal or no fees.
  • Bitcoin cash has a bigger block size limit i.e. 8 MB which is more remunerative for the users, developers and miners.
  • It provides ‘Replay and Wipe out Protection’, so in case BCH splits, everyone involved will face minimum disruptions and both the chains can peacefully coexist from there.
  • It also offers an additional benefit such as input value signing for improved hardware wallet security, and elimination of the quadratic hashing problem.

Differences Between Bitcoin and Bitcoin Cash

Bitcoin Cash (BCH) has a lot of similarity with original Bitcoin, in fact, they are almost identical. However, there are some clear differences which are as follows:

  • Bitcoin Cash (BCH) has a block size of 8 MB, which will be able to keep record of many more transactions in one block
  • Bitcoin Cash does not support the application of ‘SegWit’ (SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions).
  • It also does not have the “replace by fee” feature
  • Bitcoin Cash (BCH) consist of an emergency difficulty adjustment algorithm (EDA)
  • It also comprises of “Replay and Wipeout Protection”
  • It is also an electronic cash , which enables fast, cost – effective and direct payments between two parties over the internet

Propulsion Behind the Significance of Bitcoin Cash (BCH)

Bitcoin is witnessing quite a rise in the number of consumers and that’s why more people are agreeing to take up Bitcoin Cash (BCH). However, at the beginning of its launch many notable exchanges were hesitant to support Bitcoin Cash.

Take a note of the notable exchanges that are in support of Bitcoin Cash (BCH):

  • ViaBTC
  • BITTREX
  • Kraken
  • BITFINEX
  • KEX
  • KORBIT
  • BTCBOX
  • coinfloor
  • HitBTC
  • BTCPOP
  • BITSTAREX
  • MERCADO BITCOIN

Wallets

  • Bitcoin ABC
  • bitcoinclassic
  • bitcoinunlimited
  • BXT
  • Ledger
  • TREZOR
  • ELECTRON CASH
  • com

Also, Bitcoin miners are migrating from mining Bitcoin to mining Bitcoin Cash. And at present, it is also very lucrative for miners and that’s why more people are coming in and giving their hashing power which in turn increases its value. At one and the same time, by increasing block size from Bitcoin’s 1 MB up to 8 MB, Bitcoin Cash allows many more transactions to be processed in one block, which will generate more transactions fees for the miners.

How to Get Bitcoin Cash

There are various ways to own a Bitcoin Cash (BCH), which are as follows:

  • In case you possess Bitcoin before the August 1st fork, you might already have Bitcoin Cash. If you hold Bitcoins, preceding the split, unless they were kept on an exchange, can also be claimed as Bitcoin Cash
  • Or you can also buy them from an exchange. Earlier, the prominent exchanges refused to support Bitcoin Cash (BCH). However, with its increasing demand exchanges are opening up with this new currency
  • Like many other Cryptocurrencies, Bitcoin Cash also offers mining option to earn more money. In fact, many miners from original Bitcoin have migrated to Bitcoin Cash (BCH) mining.

Nevertheless, the value of Bitcoin Cash has increased to a great extent. However, it still is facing a lot of challenges and uncertainties. The experts in the field say that it would be interesting to see how this currency develops into the future.

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