What is Bitcoin? How to Earn What are the advantages and disadvantages?
Learn more about the Internet's electronic currency, Bitcoins, which has been talked lately and is not like any other currency. Does the Internet have many things, such as social media platforms, pictures, videos, games, and not money? Of course it happens. Even ATMs have been produced for Bitcoins, the currency of the internet, which is now legally recognized in some countries. What is this Bitcoin? How to win What are the advantages and disadvantages? Let's take a look at these.What is bitcoin? Bitcoin (Symbol: ฿ Abbreviation: BTC); On January 3, 2009, the digital currency is a digital currency that does not belong to any central bank or official entity. As a result of the technical design, a total of 21 million pieces are produced. The only known long-term related to who Bitcoin's founder was was the code name Satoshi Nakamoto. But later this code-named Nick Szabo, who served at George Washington University, emerged as a well-known scholar.The Bitcoin system, which is legally recognized in some countries, has refused to recognize Turkey as a currency, taking into account the risks borne by Bitcoin, including some countries.The rising values of the Bitcoins, which are now seen as more investment vehicles, are giving huge results every day. On January 1, 2013, the value of 1 Bitcoin was $ 13.56, compared to $ 806 on January 1, 2014. This shows us that 1 Bitcoin value has increased by 59.4% within 1 year. Below you can see Bitcoin volume and value chart from the day when Bitcoin was established to January 2014How does Bitcoin work? Working in a similar way to the e-mail system, Bitcoin uses technologies such as public key cryptography (asymmetric cryptography), point-to-point network connectivity and proof-of-work to verify payments made. The bitcoins are sent by signing the buyer address to the addressee who made the payment. Each user can have a large number of address. Every process is networked and placed in the block chain. Thus added bitcoins can not be spent more than once. Within one or two hours each process is locked by the large processing power that continues to extend the block chain. Bitcoin uses these technologies to provide a fast and highly reliable payment network that everyone can use. The aim of the block system used in Bitcoin technology is; The date stamp is to ensure that all the payments made have been verified and that the same money is spent twice. Bitcoin systemBitcoin systemHow to get bitcoin? | What is Bitcoin Mining?
If you rely on your math knowledge and see yourself professionally in programming, you can collect your own Bitcoins. Bitcoin mining - This process, called Bitcoin mining, is quite difficult for Bitcoin to collect. Bitcoin mining is short; Bitcoin network means doing mathematical operations on computers to confirm operations and increasing security. As a reward for their work, Bitcoin miners can also collect invoices and newly created bitcoins for transactions they approve. Mining is a specialized and competitive market in which the rewards are directly proportional to how much they are accounted for. Advantages and Disadvantages of Bitcoin
Benefits / Benefits Bitcoin logoBitcoin logoInflation risk is low: One of the inflationary effects is the increase in the real money supply in circulation. The increase in the money supply in the circulation increases the inflation rate in a direct proportion. However, this system does not apply to Bitcoin. Because the Bitcoin system is the end system. A maximum of 21 million bitcoins can be produced by technical design. So Bitcoin's inflation risk is very low.Risk of collapse is low: The collapse of real currencies is due to government-induced hyperinflation. Since the Bitcoin system is also not connected to any government, the risk of collapse is quite low.Safe, simple and inexpensive: If the seller reviews the classic online transactions where payment systems such as credit card or PayPal are used; In case of reclaiming the buyer's money, it is necessary to use third party services. At this stage, security can become dangerous and the situation can become complicated. Bitcoin does not have such a security problem as it does not have a back-demand system. Even if it is looked after by the buyer; Making payments and transferring accounts between accounts become safer and cheaper. Because Bitcoin technology is peer to peer (P2P) system; That is, without any intermediary, works directly between pairs.Easy to carry: You can even carry billions of dollars worth of bitcoins on a small memory card. I think it is impossible to do this with another system with cash. Disadvantages / Risks Bitcoin risks Bitcoin risks Traceability: This feature of Bitcoin, which we talked about its advantages, can be transformed into disadvantages and even dangerous situations. The fact that the permit is impracticable means that crimes can be handled comfortably. Bitcoin technology is preparing a very favorable environment for situations like the sale of illegal substances such as drugs. This is the main reason why some governments should not consider Bitcoin as a currency. Easy to lose: When you lose your credit card and your bank account is taken over by someone else, you can instantly recover the situation by calling your bank. Even if the police are not enough, you can put in and remove your loss. But the same thing does not apply to Bitcoin. Bitcoin system; There is no mechanism you can use to retrieve the bitcoins we lost, the Bitcoin wallet that was seized in the middle. The best way to avoid this is to keep your Bitcoins on non-Internet-connected hard disks. It's hard to buy and sell: you can not get your Bitcoins to buy a product because of the risks it carries. There are many services to buy Bitcoin or sell your bitcoins, but it is not so easy to accomplish. Despite being developed every day (Bitcoin ATMs are starting to open), things are not as easy as they are in real currencies. It is still very new: The Bitcoin system was established in 2009; That is, it is still a new technology, it can bring new Bitcoin competitors together; Even new technologies that can find large openings in the Bitcoin system can still be developed. Scarcity of spending space: There is not too much space used by the Bitcoin system as a payment system. Although it is in the developmental stage, the greatest aim at becoming Bitcoin-owned is; investment. Variable: When we look at the value chart of Bitcoin, everyone can make an investment in Bitcoin in mind, but the more the Bitcoin value rises, the greater the risk of falling. Therefore, the investments to be made need to be balanced and thoughtful.No trace: the fact that the Bitcoins can not be followed has the disadvantages as well as the advantages of not leaving any traces. For example, how much of your financial resources are in your Bitcoin system, or other information about your account, can not be known and followed by anyone, including governments. So you will be prevented by the government to ignore your financial resources (tax).
Benefits / Benefits Bitcoin logoBitcoin logoInflation risk is low: One of the inflationary effects is the increase in the real money supply in circulation. The increase in the money supply in the circulation increases the inflation rate in a direct proportion. However, this system does not apply to Bitcoin. Because the Bitcoin system is the end system. A maximum of 21 million bitcoins can be produced by technical design. So Bitcoin's inflation risk is very low.Risk of collapse is low: The collapse of real currencies is due to government-induced hyperinflation. Since the Bitcoin system is also not connected to any government, the risk of collapse is quite low.Safe, simple and inexpensive: If the seller reviews the classic online transactions where payment systems such as credit card or PayPal are used; In case of reclaiming the buyer's money, it is necessary to use third party services. At this stage, security can become dangerous and the situation can become complicated. Bitcoin does not have such a security problem as it does not have a back-demand system. Even if it is looked after by the buyer; Making payments and transferring accounts between accounts become safer and cheaper. Because Bitcoin technology is peer to peer (P2P) system; That is, without any intermediary, works directly between pairs.Easy to carry: You can even carry billions of dollars worth of bitcoins on a small memory card. I think it is impossible to do this with another system with cash. Disadvantages / Risks Bitcoin risks Bitcoin risks Traceability: This feature of Bitcoin, which we talked about its advantages, can be transformed into disadvantages and even dangerous situations. The fact that the permit is impracticable means that crimes can be handled comfortably. Bitcoin technology is preparing a very favorable environment for situations like the sale of illegal substances such as drugs. This is the main reason why some governments should not consider Bitcoin as a currency. Easy to lose: When you lose your credit card and your bank account is taken over by someone else, you can instantly recover the situation by calling your bank. Even if the police are not enough, you can put in and remove your loss. But the same thing does not apply to Bitcoin. Bitcoin system; There is no mechanism you can use to retrieve the bitcoins we lost, the Bitcoin wallet that was seized in the middle. The best way to avoid this is to keep your Bitcoins on non-Internet-connected hard disks. It's hard to buy and sell: you can not get your Bitcoins to buy a product because of the risks it carries. There are many services to buy Bitcoin or sell your bitcoins, but it is not so easy to accomplish. Despite being developed every day (Bitcoin ATMs are starting to open), things are not as easy as they are in real currencies. It is still very new: The Bitcoin system was established in 2009; That is, it is still a new technology, it can bring new Bitcoin competitors together; Even new technologies that can find large openings in the Bitcoin system can still be developed. Scarcity of spending space: There is not too much space used by the Bitcoin system as a payment system. Although it is in the developmental stage, the greatest aim at becoming Bitcoin-owned is; investment. Variable: When we look at the value chart of Bitcoin, everyone can make an investment in Bitcoin in mind, but the more the Bitcoin value rises, the greater the risk of falling. Therefore, the investments to be made need to be balanced and thoughtful.No trace: the fact that the Bitcoins can not be followed has the disadvantages as well as the advantages of not leaving any traces. For example, how much of your financial resources are in your Bitcoin system, or other information about your account, can not be known and followed by anyone, including governments. So you will be prevented by the government to ignore your financial resources (tax).
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