Description for bitcoin:
Bitcoin is the first cryptocurrency that has been created. It all started with a white paper with the idea, written by someone with the username Satoshi Nakamoto. This person is still unknown. As it is an open source project many other people have helped growing this coin and made it a better to use currency.
The slogan for this currency is :”Bitcoin is an innovative payment network and a new kind of money.” For sure it is new , compared to all other currencies created by governments. Or money forms mad of or equaling gold and silver.
In the past a lot of complains were made about the capacity in number of transactions and the speed of the network to make small payments in a shop or buy yourself a coffee. Technology never stands still and a solution has been made called the Lightning Network. When you use a lightning network wallet , making small payments is just done in a few seconds. You will need a wallet that supports the Lightning Network.
Official project link:
New blocks on the BTC blockchain are generated by miners. En new block is created every 10 minutes, and gives the miners a reward in coins. The mining process is done with special hardware containing ASIC chips for very high speed of hashes generation. This process is also known as a Proof of Work algorithm. Every few year the amount of coins mined per block is halved. And at some point miners will only earn transaction costs.
The environment :
Bitcoin is the main currency at most cryptocoin exchanges. Around 1000 exchanges exist these days.
There are around 5000 bitcoin ATM machines worldwide. You can buy and sell bitcoin for cash at these machines.
Bitcoin is accepted at most cryptocurrency accepting webshops as one of the payment options. When a webshop accepts a cryptocoin , most likely they will also accept BTC.
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Last update of this page : 8-10-2019